In a common currency they do not have the flexibility to embrace different policies.
The rise in the common currency was supported by a couple of good economic reports released during the European trading day.
But, unlike eurozone nations, Croatia does not have the bailout safety net which has been tapped by ailing countries in the common currency.
In establishing the common currency area, the Euro, the separate countries are essentially throwing away this adjustment mechanism.
For once, American tourists have something in common with international currency traders: This summer, they are all wondering how the Greek financial crisis will impact the dollar.
In 2002, the Euro became common currency for one week in Gloucestershire following the Republic of Ireland's switch from the punt.
Most of Mr Gingrich's article was a disquisition on the dangers inherent in forming a common European currency.
Such a break up would entail Greece and Spain living the euro common currency in a worst case scenario.
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Songs about alcohol and its effects are common currency in country music.
Absent a common currency in the form of the dollar, the U.S. would still be a rich country, but far less vibrant for all the wasted effort necessary to facilitate interstate trade given 50 different floating money concepts.
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In both, a crisis of excess debt developed, in the 1920s created by war and today by a decade in which the new common currency generated huge financial flows from Germany and other surplus countries to deficit countries of the euro-zone periphery.
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But the wild swings common in previous periods of currency turbulence have been absent, until now.
But he has concluded that cultural differences within Europe, and a resulting disparity in productivity, make a common currency unrealistic.
Like many of his German and continental peers in government and finance, Dombret is likely in favor of maintaining a common currency at all costs.
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Ben van Doesburgh, chief executive of De Kuyper Royal Distillers, a 316-year-old Dutch gin and spirits maker in Schiedam, acknowledges the common currency's benefits for business.
Not even an awful industrial new orders report for the euro area which posted twice the decline expected and moved from 2.4% growth in June to a decline of 2.4% in July could slow the common currency.
U.S. stocks extended gains, and European markets finished higher after Ms. Merkel said her country is "committed to do everything we can in order to maintain the common currency, " at a joint news conference with Canadian Prime Minister Stephen Harper.
When the architects of Maastricht were unable to produce a political union some of them comforted themselves with the idea that a common currency would in and of itself bring further economic integration from which political integration would naturally flow.
In Davos recently David Cameron argued that successful currency unions had vital features in common: a lender of last resort for the state, economic integration and flexibility to deal with shocks, fiscal transfers and collective debt.
The ongoing fiscal discipline needed for a common currency to work in Europe was appreciated, but probably not sufficiently.
Some of it is denominated in the sucre, a putative common currency.
Essentially matching the moves in the global equity markets the common currency fell slightly after German factory orders posted a 0.5% contraction for the month of May.
But it does, and these money transfers are the essence of what makes Britain's common currency a success in knitting together a collection of regions and historically separate countries with different languages, cultures and economic profiles.
Initial high-frequency data for September, though, point at a recovery in EM central bank demand for the common currency.
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Many would say a central bank cannot be a true "lender of last resort" in a currency union that does not share a common treasury, or at least it cannot play that role without seriously overstepping its mandate - and raising big questions about the democratic legitimacy of what it is doing.
This decision has the potential to trigger a full-scale bank run across the euro area and such an outcome could place in question the continued existence of the euro as a common currency.
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Also adding some weight to the common currency was fear that a political crisis in Portugal could push the debt-laden country into seeking a bailout as no agreement on austerity measures can be found on the horizon.
During that time, a member of the capitalist class, Andrew Carnegie, argued the opposite: that, in fact, a sound currency was the friend of the common man, while a floating currency often gave speculators and financial sophisticates an unfair advantage.
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The common currency will most likely trade down as I predicted in November.
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To be sure, southern European countries are running huge trade deficits with the northern tier (especially Germany), but as long as all are tied together by the common currency, internal cost and price adjustments (deflation in the south, inflation in the north) will be slow and painful, and will do little to spark growth for Europe as a whole.
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