"...Among the more important of these conditions is the requirement that the individual member countries have similar economic structures, since the more similar were those economies, the less vulnerable would they be to being hit by asymmetric external shocks..."
"...Within the constraints of a currency union, the euro's Mediterranean countries can no longer resort to currency devaluation to restore competitiveness. Nor can they use interest rate policy to stimulate domestic demand. Instead, the rules of the currency union require them to endure deflation or to increase productivity as the only means of restoring their eroded competitiveness..."
http://www.aei.org/publications/pubID.26346/pub_detail.asp
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Good day, sun shines!
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