As we know, monopolies – both those exercised by companies and centralist governments – are harmful to growth and welfare. Competition between jurisdictions can often be as healthy as in the market economy. In that respect, the EU is not far away from the set-up in the US, if one disregards some key areas like foreign and defence policy.
Key aspects of the ECB's monetary policy I have attempted to explain why some of the criticism made by US commentators regarding the introduction of the euro is not justified. Indeed, the experience with the single currency so far has proved these critics to be wrong.