[intenex]

Wait - so why are other countries like Germany in the EU fine despite also not being able to arbitrarily issue their own national fiat currency?

[RobertoG]

They are not. Germany is a net exporter, obviously not all the countries can be net exporter at the same time.

You can't have a stable monetary union without a fiscal capacity. The inevitable debt crisis in the Euro-zone are stopped by the ECB buying debt in the secondary markets.

The hypocrisy of the system is obvious to however takes the time to see how it works.