EU hurt by the lack of political will
Back in the 1990s, when the project was being pushed through by the political elites in Europe, including an incredibly Europhilic political system in this country, the basic structures that needed to be put in place to ensure something resembling an optimum currency area were ignored.
The lack of mechanisms to deal with failing banks; not putting in place a system of providing fiscal assistance to countries struck by an asymmetric economic shock, which is a shock unique to a particular country or region; and the absence of a proper system of fiscal and general economic governance and surveillance to ensure countries behave prudently and properly — these are all examples of failure, but there are also many others.
