The most likely scenario is that EMU (Economic and Monetary Union of the European Union) will occur but will neither end Europe’s currency troubles nor solve its prosperity problems.
Italians dream that the ECB (European Central Bank) will make their life easier than the Bundesbank does now… The new central bank is certain to establish itself at the outset as a direct continuation of the German central bank.
If there was ever a bad idea, EMU it is.