A single currency requires: - that monetary policy uses the same set of instruments and pursues a common objective and a common orientation - not national interests and orientations; - that fiscal, economic and social policies - which will remain the responsibility of the individual nations - are consistent with stability and do not come into conflict with one another.
A monetary union without adequate and sustained joint stability might become a “union of conflict”. Further political integration in Europe, too, would be subjected to severe strain. To prevent that happening, it will be crucial to make the right choice of participating countries.