Contrary to the endlessly repeated myth of a world converging on one big economic sameness, economic diversity is a fact of life. Economic policies that assume a homogeneous world are an attempt to defy this basic fact.
European leaders constructed more than ten years ago the vision of a common currency among its members, but they didn't develop the appropriate mechanism for a solid not only monetary but also fiscal environment.
In the absence of the possibility of currency depreciation, nation states of Western Europe could consider the widespread use of complementary currencies with which citizens could buy in the welfare supermarket.
Recent turmoil in Europe has given rise to the idea that the euro itself might be reversible and that one or more countries might revert to national currencies. The biggest euro-skeptics are not the perfidious English, but the Germans themselves.
Not only has the Irish crisis blown apart the myth of the virtues of fiscal austerity during rapidly declining economic activity, but it has also illustrated that Germany's bankers were every bit as culpable as their Irish counterparts.