The Euro - a foreign currency for those who must use it.

The euro is essentially a foreign currency for every Eurozone country,’ the French economist Michel Aglietta and his co-author, Thomas Brand, write in Un New Deal pour l’Europe. ‘It binds them to rigidly fixed exchange rates, regardless of their underlying economic realities, and strips them of monetary autonomy.’ For Aglietta, a currency is essentially a social contract: behind it stands a sovereign guarantor with the power to tax its citizens in return for the public goods and services it provides for them. The euro had no such support; it bears ‘a promise of sovereignty’ that has not been kept.
Source:
http://www.lrb.co.uk/v35/n16/susan-watkins/vanity-and-venality