Can you give multiple reasons why the Euro is better than an individual EU country's currency?

Answer 1

On the surface, it improved the economies of smaller, less affluent nations by combining assets. The promise made was probably an allusion to helping them eliminate their national debt ratio. The problem with this is that if more than 1/3 of the nations who combine are in the red, then the result is just a whole mess of debt, unless one of the countries is just hideously wealthy - which was certainly not the case. Beneath that, however, they all go down together if there is a recession like the one going on in Eurpoe now. I've often wondered if the economic woes of the European Union isn't because of debt elimination promises made that never stood a chance of being reasonable. But hey! The EU now has total control of Europe now, and I understand that the penalties of pulling out are enormous.

In favor of independent economies, when there is a recession of the major economic powers of the world like now, sometimes a smaller nation with an independent economy can survive moderately unscathed; especially, if they (1) aren't on the credit system (a monumentally bad idea upon conception); and, (2) don't gamble on the Stock Market.

The more countries who combine into one collective economy, the more difficult it can become for a nation not wanting to "play" to remain independent. For example, when Texas was still a Republic, the Federal government made all kinds of "good ole boy" loans and grants, etc. You know, just being a good neighbor. Then one day good ole Uncle Sam "called the note", and Texas' only alternative was to cave and become part of the United States. The promise made was "if you become one of the United States, we will expunge your debt. Actually, all they did was add it to the national debt which watered it down by spreading it among all the other states.