In effect, countries will be borrowing in a foreign currency without control of the printing presses.

ECONOMIST: Financial markets and the euro

It could still succeed: a government in control of a printing press should be able to debauch its own currency without needing outside help.

ECONOMIST: The world economy

But unlike European nations that socialized their currencies and cannot print euros on their own, Japan has complete control over its currency printing press.

FORBES: Japan: Land of the Rising Debt