Moravcsik, Andrew.
When European leaders opted for monetary union in 1992, they wagered that European economies would converge toward one another: The deficit-prone countries of southern Europe would adopt German economic standards — lower price inflation and wage growth, more saving and less spending — and Germany would become a little more like them, by accepting more government and private spending, as well as higher wage and price inflation. This did not occur.
Πηγή: The New York Times