For instance, it is not surprising that community banks operating in markets experiencing high unemployment rates have been less profitable since the financial crisis. Perhaps less obvious is that in urban markets, community bank profitability tends to decrease as the size of the market increases.
Therefore, it is a legitimate question to ask whether EMU can function without some form of political union. Allow me to approach this question in the following manner. To start off, the concept of political union is not very well defined.