Last fall, the Federal Open Market Committee (FOMC) eased monetary policy to counter a seizing-up of financial markets that threatened to disrupt economic activity significantly. As those markets recovered, the FOMC had to assess whether that policy stance remained appropriate.
Later proposals, including the Maastricht Treaty of 1992, unfortunately failed to sufficiently tackle the inherent tensions of a currency without a state. The spirit of Meseberg stems from the original European idea and the pledge of prosperity that brought the single currency into being: the euro benefits Member States. They profit from having a credible and stable currency and a larger, competitive market.