Yet the solution is not necessarily, I think, to duplicate the American “model”. The experience of some countries in Northern Europe (Scandinavia) indicates that it is possible to combine a level of social protection conform to the European preferences with high rates of participation to the workforce, technological innovation and economic growth comparable to those of the US.
Monetary unification is in itself a major structural reform, which has already stimulated other reforms. Yet further strides are necessary in order to increase overall productivity and to include in working life those who are still unemployed.