But then it is no monetary union any longer, but the currency of that new state.
Euro-federalists and Eurosceptics alike feel vindicated: monetary union cannot work without economic and political unity.
His message for the monetary union is that it needs rules but rules that are interpreted flexibly.
Budget cuts are never painless, but within a monetary union individual cuts can be excruciating.
"The structure of economic and monetary union has been left half-built, " Mr Zervos told me.
There is now talk of Cyprus being booted out of the European Monetary Union.
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Regrettably, power-hungry politicians also see the monetary union as a means of forcing a political union.
The only way to restore peripheral competitiveness, then, is by exiting the monetary union.
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The U.S. should urge Mexico and Canada to begin negotiations for a North American monetary union.
Despite the UAE's move, the monetary union's remaining backers seem keen to press on.
As the IMF said last week, "the viability of the monetary union is at stake".
This may explain why there is far keener interest in monetary union in New Zealand.
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The two remaining outsiders, Sweden and Denmark, both stayed out of the monetary union by choice.
The problem is this: these countries - in a monetary union - cannot devalue.
Yet the euro zone has amply demonstrated the dangers of entering a monetary union without fiscal union.
That, the ECB knew, risked undercutting the bond market on which members of the monetary union depended.
But when devaluation requires exiting a monetary union, the resulting financial implosion has to be factored in.
And in a monetary union, members surely have a right to speak up if others act recklessly.
How long this continues depends partly upon whether monetary union happens, and what its effects will be.
The government files from the founding phase of the monetary union reveal that this construct cannot function.
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European leaders have told us they are committed to do whatever it takes to strengthen their monetary union.
Poland wants to be included in all discussions, and to avoid new obstacles to joining the monetary union.
The UK, Sweden and Denmark are the only members of the EU not to join the monetary union.
Mr Blair reiterates ad nauseam his five best facts and three best arguments in favour of monetary union.
Along with this near-universal agreement comes the suggestion that the Eurozone is in fact an experiment in monetary union.
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But in a monetary union, where an individual country can no longer cut interest rates, nothing cushions the blow.
So the European monetary union did not fall apart, despite the dire predictions of the pundits in late 2011.
Although not linked in monetary union the crisis spread like wildfire and other regional currencies and equity markets slipped.
Global markets are turning their eyes back to Europe as sovereign debt woes grapple the 17-nation monetary union again.
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In a monetary union, irresponsibility by one member endangers the well-being of others.
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