I have come to agree with this. I was a supporter of the Euro and Emu since the 1990s, but I think I've been convinced that trying have a single currency without full fiscal union is folly.

You should choose to either have balkanised currencies, or a federal financial bucket, meaning the richer countries subsidise the poorer ones.

We went with Option C in Europe, and I don't have a lot of confidence that the Euro can survive in the long run in the current system.