Quote Originally Posted by noel View Post
Whenever anyone uses this argument about disparate economies, I'm reminded of the US economy. There they have states will lots of different laws to each other and very different economic circumstances. Yet they have one currency. I'm not hearing a clamour of people saying Alabama (for example) should leave the dollar to devalue its way out of debt. And yet people are proposing it as a solution to the woes of some Southern European countries.
The US isn't perfect as alluded to by Oracle but one of the reason it manages better than the eurozone is because of fiscal transfers from richer states to poorer ones. I mentioned this in a post of mine earlier today. This is quite an old article - from 2013 - but it gives a good explanation.

https://blogs.lse.ac.uk/europpblog/2...l-integration/

US taxes at federal level average 17% of GDP while the EU collects only 1% of GDP. The USA is a political and fiscal union. The eurozone is not.

Here is a very readable article about why the euro has failed.

https://qz.com/1377098/why-the-euro-failed/