Chris

Politically untenable in Germany, that is. That is where the real fault-line lies in all this. Sooner or later the logic of a single currency (that it requires single fiscal and monetary policy, and therefore single political control) will become irresistible, at which point there will be a backlash either from the German people, who will wonder why they are expected to underwrite the whole thing, or the German constitutional court, which will rightly point out that the whole exercise violates the country's constitution.