That was the lesson of the European Monetary System debacle of 1992-93 (and, arguably, of the downfall of the pegged-but-adjustable regimes used in Asia until last year).
There were also the tensions caused by Germany's reunification and the crises within the European monetary system, which raised the prospect of economic integration going into reverse.
As a founder member of the European club in 1957, remember, Italy was neurotically anxious to join the European monetary system when it was set up in 1979.
This is a serious structural issue with the way that the European monetary system was constructed: the ECB is tasked only with guarding inflation, and not with ensuring the health of the banking system.
Glaxo has been funneling cash back to the U.K. daily from banks in euro-zone countries as part of its strategy to reduce exposure to risks of a possible breakdown of the European monetary system.
The European monetary system has allowed some countries to get a free ride at the expense of others, while those who cheat are in a position to blackmail those who have to foot the bill.
And by conflating a decision on the euro with Britain's war history, she is coming dangerously close to expressing the very views for which in 1990 she was forced to sack the late Nicholas Ridley when, in an unguarded interview as trade and industry secretary, he called the European Monetary System a German plot to dominate Europe.
Mr. Blair said European officials must put the full weight of the region's monetary system behind the effort or else it could fail.
Emerging market central bankers views are extremely important, not just because they are large holders of U.S. and European debt, but also because they sit at the very heart of the global monetary system.
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