The eurozone should solidify its currency union.

Finally, Europe s monetary union remains incomplete.

One striking example of such éngrenage is Economic and Monetary Union.

Nation states and a monetary union do not sit well together.

He was convinced that monetary union in Europe was doomed to fail.

For example, the need to adapt the operation of the European Central Bank to a policy of development for Europe, as laid out by the Ecofin Council, is already apparent. The EMU is evidence of that.

The EMU is evidence of that.

SAINT PIERRE D ENTREMONT, FRANCE European Monetary Union was never a good idea.

For this, the Europe Union and especially the International Monetary Fund bear considerable responsibility.

Europe's monetary union has been badly undermined by a sovereign debt crisis in past months.

The Maastricht Treaty established a monetary union, but the political union that is an indispensable precondition for the common currency s success remained a mere promise.

The EU s Economic and Monetary Union was a means to an end, not an end in itself.

Its member states would accept that monetary union is impossible without fiscal and structural coordination.

Initially, monetary union was supposed to propel Europe toward political union.

On the contrary, Europe s Economic and Monetary Union is proving a major asset in these tumultuous times.

CAMBRIDGE The European Economic and Monetary Union (EMU) and the euro are about to celebrate their tenth anniversary.

That will involve a loss of full fiscal sovereignty, but facing up to that reality is required to sustain the monetary union.

Currency Chaos

He maintains that the Stability and Growth Pact contains all the rules that are necessary for Monetary Union to function.

The EMU is now the world s largest market, and continues to grow.

Given this, for a considerable period of time, Europe s monetary union will have to exist without political union.

But for France's African allies, grafting a program of economic integration onto a pre existing artificial monetary union is delusory and unworkable.

Many European leaders believe that the rest of the world owes the eurozone a bailout because the currency union is just an innocent bystander.

Although an Atlantic Monetary Union (between the US and the EU) is a long term prospect, it should be considered as a grand design for the future.

But the monetary union itself turned out to be a gigantic banana skin, inducing capital flows that pushed up costs around the European periphery.

Critics of European monetary integration often point out that, in the absence of political union, monetary union is doomed to fail.

ATHENS Will Greece s troubles destroy Europe s currency union, or reveal how it should be saved?

Then as now, many worry that a Greek debt crisis could destabilize and perhaps even bring down Europe's monetary union.

The government of Romano Prodi, having managed against all the odds to get Italy into Europe's monetary union, fell three months later.

After some considerable volatility, a smaller and more robust currency union will emerge and, importantly, Europe will avoid the euro s demise and a total breakdown of the eurozone.

Moreover, alarmist talk of a split overlooks the reality that the EU and the monetary union have long been moving at different speeds.

Germany s stance marked the first open challenge by a leading European power to the notion that the monetary union is irrevocable.

Instead of a eurozone caged in by Germany s narrow interests as a creditor, Europe needs a monetary union that works for all of its citizens.

Every currency union chooses symbols of common cultural values for its coins and notes, and these symbols become part of the sense of shared identity.

BRUSSELS It is an old debate, but tensions within the euro area have revived it can a monetary union survive without some form of fiscal federalism?

BRUSSELS The European Union s core countries these days, besides the original six founders, are the 15 member states that make up the European Monetary Union.

MILAN The late Milton Friedman said that a common currency that is, a monetary union cannot be sustained without a deep form of economic and political union.

BERLIN Among investment bankers, there is renewed speculation about the possibility of a country leaving European Monetary Union or being pushed out. Rating agencies have downgraded Portugal, Greece, and Spain, owing to their poor prospects for economic growth and weak public finances.

Calm has returned to financial markets, amid ironclad assurances by the European Union authorities particularly the European Central Bank that the monetary union will be preserved.

BERLIN Among investment bankers, there is renewed speculation about the possibility of a country leaving European Monetary Union or being pushed out.

The obvious answer is the International Monetary Fund.

The currency channel is similarly impaired.

IMF stands for International Monetary Fund.

And no one is talking about real fiscal and political union, even though no one can imagine European Monetary Union surviving under the status quo.

In the longer term, European leaders must work together to redesign the monetary union so that it supports shared prosperity, rather than fueling mutual resentment.