Didn't take long for the EU to start softening it's tone

[IUFG]

As Portillo pointed out yesterday, the EU keeps making terrible economic and political decisions in order to push the idea of ever closer union. The Euro was just one of these mistakes. When it was first introduced, everyone asked how you can have a central currency without centralised political control. The answer was: you can't, but they were arrogant enough to think centralised political control would come along in the natural course of things. It didn't and now the Eurozone is stagnant.

indeed.

without centralised policies and full economic control, how can a euro possibly be worth the same throughout the eurozone?

[Burney]

indeed.

without centralised policies and full economic control, how can a euro possibly be worth the same throughout the eurozone?

I remember people asking that in 1997, mate. Nobody had an answer then and nobody has one now.