EU fiscal problems, page-3

"In a single word, the EU is dysfunctional. That’s the problem, not technology. The Maastricht treaty itself is a big part of the reason the EU is dysfunctional. The Euro itself, with one common interest rate, is fundamentally flawed."

The European project is to be implemented in stages aiming at eventually becoming an economic, monetary, banking, capital markets, financial and political union.

"The first two components, or ‘pillars’, of the banking union – the SSM and the SRM – are now in place and fully operational. However, the work on the banking union is still ongoing since its third pillar, the European deposit insurance scheme (EDIS), which was proposed by the Commission in 2015, is not in yet in place. EDIS would provide stronger and more uniform insurance cover for all retail depositors in the banking union. However, the legislative process has been put on hold for more than seven years by the European Parliament and Council."

Until at least full financial integration is achieved, the euro will be seen as a step towers full European integration, a project that most on the far right of the political spectrum detest.

Here I would like to remind people that when the European common currency was introduced some people, especially some English-speaking commentators, used to refer to it as the "Toilet Paper currency."