The factors that drive currency competition are closely related and mutually reinforcing in many respects. •  Prompted in part by the collapse of central planning, many countries have turned increasingly to private markets and trade to deliver growth and progress.
However, the recent bout of the financial crisis has definitely put this topic in a new perspective. My impression is that a number of New Member States, as well as some of the old opt-outs, that were seriously affected by the crisis now wish that they were already in the eurozone when this latest, most severe episode erupted.