If it succeeds, the case for a global currency union will seem much more interesting.
Some, to be sure, are tied to the peculiarities of the Continent's currency union.
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They took the country into the currency union against the advice of most economists.
Once one country leaves, however small, the fiction that it is a permanent currency union is exposed.
All that said, not all members of the currency union head into winter insulated from potential shocks.
The third alternative is for Greece to leave the currency union and then devalue the New Drachma.
Nevertheless, Mr Wilson concludes that currency union would, on balance, bring some small benefits for New Zealand.
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It's not entirely plausible that Westminster would turn its nose up at a currency union with Scotland, in those circumstances.
This was Angela Merkel's great project to ensure that ill-discipline and overspending never haunted the currency union again.
He said it was "unlikely that a eurozone-style currency union with Scotland could be made to work" after independence.
That said, the currency union was hardly an act of martyrdom by Germany.
The summit largely focused on boosting a sluggish global recovery threatened by a possible collapse of the euro currency union.
The president urged Europe's leaders to help the troubled banking sector and warned Greece not to leave the currency union.
Instead of an irrevocable currency union, it becomes, as one senior European official has described it, a marriage of convenience.
This may be especially true in a currency union, where the usual route - a nominal devaluation - is blocked.
It would be even more awkward if the euro's birth broke Europe's sole currency union, that between Belgium and Luxembourg.
First, even a small, poor, post-Soviet state in demographic decline can survive, indeed thrive, in a de-facto currency union with mighty Germany.
The argument that the European Union was premature in allowing Greece to join the currency union is more valid now than ever.
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Full currency union seems to remove that margin of discretion, and shore up the credibility of the government's promise not to devalue.
The main drawback of a currency union is the loss of an independent monetary policy to cushion the economy against external shocks.
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The ending in 1979 of the currency union between Britain and Ireland seems not to have reduced trade across the Irish Sea.
Whereas a currency union has a central bank to act as lender of last resort, a country with a currency board does not.
In these circumstances in other countries in the past, a parallel exchange rate has emerged, not a healthy development for a currency union.
However, it becomes complex and murky once we have a currency union populated by the fiscaly good, the bad and the downright ugly.
The working group argues a currency union between Edinburgh and London would not be vulnerable to the problems that have beset the eurozone.
It implies that the UK might be able to co-exist in the European Union with a currency union that becomes a political union.
They have yet to fix the instability of a currency union built on an incompatible triad: no bail-out, no default and no exit.
Scotland may not have much more influence on monetary policy in a currency union than if it just unilaterally adopted sterling, the authors suggested.
That's a scenario European policymakers fought to avoid with Greece as its bailouts were negotiated because of fears it would splinter the currency union.
The price for Cyprus of staying in the eurozone will be as great as for the people of any of the currency union's over-indebted nations.
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