And this could mean repeating a mistake that was already made by many member states in the early days of monetary union. A recent comment in the Italian daily newspaper Corriere della Sera said it all: "At the beginning of the new millennium, Italy wasted a golden opportunity created by the narrowing of yield differentials, the notorious spread.
The advantage afforded by accession to the single currency led instead to an expansion of government spending, the productivity of which was extremely low with respect to investment and jobs. It would not be desirable for this opportunity to be squandered, either, for that is something we would deeply regret." This quote, through referring to Italy, is certainly applicable to other countries.