After decades of budgetary imprudence, there has been a growing recognition of our fiscal problems in recent years and an increased willingness of Presidents and Congresses to address them. The capping of discretionary programs and the first steps to deal with entitlement programs are encouraging, as, unquestionably, is the slower pace at which we are creating new entitlement programs.
A large majority in the EU opted not merely for a common currency. It also wanted a single currency. There are sound economic reasons in favour of a single currency; incidentally, also sound political reasons, at least, if a more thorough-going political integration is being sought. Above all, the single currency makes it possible fully to exploit the economic benefits of integration.