But even there, American Presidents are only elected with the support of a quarter of the electorate. In Europe, we have much higher turnouts for national elections than for European elections. We have no single common culture or language, nor are we experiencing a willingness to move to other countries for jobs. In Europe the differences between the rich regions and the poorer regions are much higher than in the United States, and not even northern Italy is prepared to pay for the less developed parts of southern Italy. This goal has only been fulfilled in Germany and Denmark in 6 out of the last 30 years, but has now become a sacred goal for all eternity.
Inflation is worth getting rid of, but growth, jobs and welfare are also important .
Monetary policy is a tool, not a purpose. Economic policy is for human beings, not the opposite. You need to have a lot of other tools at your disposal in a democracy to make people happiest. Therefore, in my opinion, EMU is bound to collapse, or develop into a sort of United States of Europe and then collapse, because a European democracy will never function, even if it might be a beautiful dream. The European Central Bank can only have one interest rate which will always be to the benefit of the central economies.