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A GOVERNMENT with debt denominated in its own currency need never default, or so the theory goes.
Clone him.Most clubbable country: Slovenia, post-communist Europe's most prosperous state, has joined the euro-zone, proving that the common currency need not remain an "old Europe" club.
But issues around the currency need to be resolved, and the indy movement must mature if the case can be won.
Rather than digging themselves into a deeper recession and democratic deficit through austerity measures, the states in the common currency need to form a full and mighty union on Anglo-American lines.
For that to happen, he said, the 17 countries using the common currency need to maintain their pace at overhauling the weaker economies, and European Union-level policies, including implementing a banking union, needed to be strengthened.
Of course the merest glance across the Channel is enough to show that nations sharing a currency need to closely co-ordinate their budgets and the riskier parts of their economies – their banks, for instance.
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Any credible currency needs backing by a strong government.
"The Chinese currency needs to appreciate further against the dollar and the other major currencies".
But this does not mean that a currency needs to rise massively today.
Like an infant marsupial, a new currency needs the warmth only a mother can provide.
A common currency needs this, and the only way to achieve it is through deeper integration.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com