So let me begin with the architecture of monetary union. 2. The flaws in European Monetary Union  The introduction of the euro was, at that point, the most significant step towards economic integration in the history of the European Union. Given its vast implications, it was a leap rather than a step. The remarkable thing about this jump is its asymmetry.
In ski jumping one would speak of a Telemark landing, for whereas monetary policy was communitised, fiscal policy remained a matter of national responsibility. This is not necessarily a bad thing in itself – after all, the Telemark landing has become an established standard in ski jumping.