Does monetary union have the support of the people of Europe? How important is public sentiment?
Opinion on the euro shifts, and it has been affected negatively by the fall of the euro since it was launched. Most if not all of the euro-area economies are getting a better monetary policy with the ECB than they ever had with their national currencies. That is even true of Germany, because its economy has been made much more competitive by the fall of the euro. Nevertheless, the euro is considered an improvement in Germany by only about a third of the population. I believe the public’s attitude will change when the paper currency and coins are introduced. Q: You’ve said that you favor monetary union of the dollar, yen, and euro. Why? A: I have said that a monetary union of the three largest currency areas would be a great step forward for the world economy. But it is extremely unlikely that there would be political support for a monetary union that would involve a single currency. The U.S. is understandably against any reform that would undermine the importance of the most important
