Why the Euro does not make sence
... However in the 1874 conference, the union was maintained, most likely because the other countries feared Italy would not redeem their holdings of Italian token coins. ... Without political harmony and institutional entanglement, the historical evidence is that monetary union will not survive. ... Not that political motives are a betrayal of rational economics, as Adam Smith wrote, rationality can be above economics in its purest form. ... Firstly, the revenues that are derived by financial intermediaries for performing transaction services do not disappear from the economy. ... Whist certainly in the short term these pheromone are observable, in the medium and longer-term fundamentals drive exchange rates, not noise. ... Whilst there is some evidence that small nations can benefit from linking an exchange rate to a major regional economic power and close trading partner, this has not been the primary of focus of many of the more recent monetary union proposals.