They would be under the control of euro zone finance ministers.

The technical conditions required for the Single Euro Payments Area (SEPA) have been met.

The interest rates on the euro denominated sovereign debt of the twelve euro zone governments are all very similar.

And this latter cost would have to be paid by all euro zone countries.

Target zones among the dollar, euro, and yen won't help at all.

Eventually, it heightened tensions within the euro zone.

The first concerns the sustainability of public finances in a number of euro zone member states.

The starting point should be the weaknesses of the euro area s rules and regulations.

The differences between member states were already large a decade ago.

The difference with the largest debtor in the euro area, Italy, was 68.2 percentage points.

This would produce a unified and well supported financial system within the euro zone.

Default and an exit from the euro would occur well before that.

Per capita GDP, too, has fallen below the euro zone average.

If it hikes the interest rate, the southern euro zone countries will complain.

The country s creditors, for their part, have an incentive to protect the euro and limit the geopolitical risk of a Greek exit from the eurozone.

On the other hand, the second phase of the crisis mercilessly exposed the euro s Achilles heel the absence of economic or financial unification within the eurozone.

If the eurozone is to endure, a majority of its citizens, especially in Germany and France, must embrace the euro as their currency.

If the British economy is doing well and the Euro zone economy is doing badly, there is no economic case whatsoever for British membership.

The same is true if the British economy and the Euro zone economy are both doing badly.

Education grant amounts for euro zone currency areas effective 1 January 2002

Second, inadequate macroeconomic policy coordination has resulted in divergences in the international competitiveness of euro zone members, threatening the very existence of the euro.

So member states have precious little incentive to continue the reform process?

Industry in the 17 Euro countries has significantly reduced production and is adjusting to the end of the upturn.

But the euro system means that Germany s exchange rate cannot increase relative to other eurozone members.

Even assuming that agreement can be found within the eurozone on how to allocate the desired gains and losses in competitiveness across countries, member countries are not centrally planned economies.

Local power, central power, now, people power.

Instead of ideas for strengthening the solidarity and stability of the eurozone, absurd proposals are floated in Berlin.

Being outside the euro area, their currencies would fall, undermining growth in purchasing power and living standards.

The fundamental reason behind France s current economic weakness is its lack of competitiveness even in other euro zone economies where the euro is not a factor.

If there were a target zone and the Euro appreciated strongly, the ECB would be forced like it or not to cut interest rates and soften the euro.

But as the euro area evolves towards a genuine EMU, they explain, decisions will increasingly need to be made collectively, perhaps through a eurozone treasury.

These threats may be proving counter productive to the achievement of price stability in the euro zone economy, the central bank s primary objective.

LUXEMBOURG Much dedication and energy are currently being devoted to institutionalizing a crisis management mechanism for the euro area.

We have compared the performance of the best performing and worst performing euro zone countries between 1999 and 2009.

His aim is to overturn the country s political establishment and upset the European Union by taking Italy out of the euro.

Diversified management means better management.

Europe's Stability Pact which underpins the euro by setting fixed constraints on the size of budget deficits for euro members is in trouble. The European Union's leading country, Germany, failed to meet its commitments to its EU partners concerning its deficit.

If the British economy and the Euro zone economy are both doing well, the economic case for British membership is obviously weak. The same is true if the British economy and the Euro zone economy are both doing badly.

Europe's Stability Pact which underpins the euro by setting fixed constraints on the size of budget deficits for euro members is in trouble.

If the British economy and the Euro zone economy are both doing well, the economic case for British membership is obviously weak.

The responsibility for the current conflict within the EU rests with eurozone governments, but primarily with Germany and France, the zone s two strongest economies.

Governance

This is not a far fetched scenario, and its realization would play havoc with the budgets of many indebted eurozone member states.

The only other possibility, if and when Greek banks start collapsing, would be an exit from the euro.

Children's and secondary dependant's allowance amounts for euro zone currency areas effective 1 January 2002