Euro Area

[gaelic cowboy]

Again, take a look at the economy of Delaware and the economy of New York. What do you know, the dollar works...

Except when a Texan bank goes bust the state of Texas is not expected to shoulder the burden of it's collapse.

Same as when Northeren Rock went bust the Bank of England didnt say to Newcastle City Council to pay up for it.

Banks are too big too complex and too spread out for national governments to handle then when we have a crisis in the Eurozone.

The normal route to solving bank crisis are not available hence the fragility of banks everywhere including Germany.