A monetary union without a fiscal union doesn't really make sense, imo. The US (mostly) works because states run balanced budgets(if you ignore underfunded pensions) and the federal govt corrects trade imbalances by taking money from some states and sending it to others.
Economists in the EU must have understood this and if I had to guess they assumed a fiscal union would develop at some point?
Economists in the EU must have understood this and if I had to guess they assumed a fiscal union would develop at some point?