"The fundamental problem of European monetary union lies in its incompleteness or lopsidedness. There was a much better preparation for the monetary side of monetary union than for the fiscal concomitants that should have underpinned its stability (and prevented the threat of large-scale monetisation of fiscal debt burdens). No adequate provision on a European basis existed for banking supervision and regulation, which, like fiscal policy, was left to diverse national authorities."
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Harold James, Making the European Monetary Union, Harvard University Press, 2012. p.382
https://en.wikiquote.org/wiki/Euro
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