I know one issue is there is no central bank. And each entity in the EU is a sovereign country.

actually a big problem is that a central bank does exist which prevents that any sovereign country in trouble prints its own €URos and monetises its debt.

European Central Bank homepage: http://www.ecb.int/home/html/index.en.html

I know one issue is there is no central bank. And each entity in the EU is a sovereign country.

actually a big problem is that a central bank does exist which prevents that any sovereign country in trouble prints its own €URos and monetises its debt.

European Central Bank homepage: http://www.ecb.int/home/html/index.en.html

Oops...wrong terminology. I heard this during an interview with George Soros a few months ago:

George Soros | Financial Times | December 15, 2010

The architects of the euro knew that it was incomplete when they designed it. The currency had a common central bank but no common treasury – unavoidable given that the Maastricht treaty was meant to bring about monetary union without political union. The authorities were confident, however, that if and when the euro ran into a crisis they would be able to overcome it. After all, that is how the European Union was created, taking one step at a time, knowing full well that additional steps would be required.

David Stockman, an isider's insider claims "crony capitiaisim" is destroying democracy. Fed has turned the markets into a "rip roaring casino" and more. Video here. http://finance.yahoo.com/blogs/daily-ticker/david-stockman-crony-capitalism-killed-free-market-democracy-120004233.html?sec=topStories&pos=9&asset=&ccode=