If you have read Jane Jacob'"Cities and the wealth of nations" you would have always been a skeptic of Europe trying to set up a single unifying currency. It would work in good times, but when feedback was needed in hard times, all sorts of unintended consequences would become evident.
Europe starts to see the euro plan may be flawed
And Singapore would represent the best ever feedback for a currency to an economic area on the planet.
“A currency without a state is difficult to manage,” said former Italian Prime Minister Lamberto Dini, 79, who also served as the nation’s finance and foreign minister. “The decision to create a single currency in Europe was an eminently political decision. It was supposed to bring about greater European integration not only at an economic level, but at a political one.”
