Back in the early 90’s when there was talk of a European Union forming with one currency, I was a naysayer. I could not imagine countries with centuries of distinct cultures, languages, economic roots ever agreeing on anything as one entity. An article in The Economist, entitled ‘Yerp’ caught my attention at the time. It was a kindred cynical satirical view using the American tourist term for the continent. “We’re heading off to ‘Yerp’ for vacation in August.” As if Europe were just one big happy country. Never thought it could actually become so.
Wrong. The EU formed in 1998 with the Euro its common currency. However, as Paul Krugman says today, maybe we were right.