without union English

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without union English » English

discordant

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Later writers came to recognize that there are other essential criteria for a successful currency union, which are difficult to achieve without deep political integration.

Peter Kenen argued in the late 1960's that without exchange-rate movements as a shock absorber, a currency union requires fiscal transfers as a way to share risk.

If so, does enlarging the euro's membership really serve Europe's apparent goal of maximizing economic integration without necessarily achieving full political union?