As I have said recently,26 and I think it bears repeating, what is essential for a successful monetary union is a sufficient degree of political commitment by all participating countries, the leading economic actors and the wider public to accept fundamentally and genuinely the political and economic constraints that a single and stable currency represents.
The deeper underlying commitment to make European integration a success even in the most difficult of times in history gives some general grounds for hope on this count. Some degree of political unity (not necessarily union), or rather a sense of common responsibility, would appear to be important for the long-run health of EMU.