A single currency would be a hindrance for growth stars – which would suffer from chronic overheating – and laggards – no longer able to devalue their currency – alike. Scholars of political economy found the coexistence of sovereign national fiscal policies and a single monetary policy a precarious combination.
A (sub-)optimal currency area would not work in the face of widening economic gaps, free-riding policies and cross-national resentment. Close to completing its first decade of operations, the euro symbol appears as an icon of the decade-long quest for continental reconciliation.