For a variety of reasons, that action is better taken as soon as possible. The budget scenarios considered by the CBO in its December assessment of the long-term budget outlook offer a vivid - and sobering - illustration of the challenges we face as we prepare for the retirement of the baby-boom generation.
Unilateral euroisation would also imply circumventing the process of multilateral assessment of new members by current EU Member States and as such would be difficult to reconcile with the co-operative spirit of a community of fellow members.