One of the lessons learned from the convertibility era in Argentina is that there is nothing more procyclical that an appreciated domestic currency, in terms of both public and private consumption. Currency appreciation fosters current consumption at the expense of savings and, hence, investment and long-term economic growth.
Nor would it be correct to say that consensus on the objective of monetary policy is sufficient for the creation of a successful monetary union. The euro becoming a reality also depended on the consensus which evolved on the need for sound economic policies more generally.