This is a well-known fact that should have been clear to everyone involved in the euro’s creation. Issing admits that he was among those who believed that “starting monetary union without having established a political union was putting the cart before the horse.”
然后，这种原则也有自身缺陷。一种成熟的货币需要有一个央行和财政部。财政部不是为日常纳税人服务的，而是为了危机而准备的。当金融体系面临崩溃之时，央行可以提供流动资金，但只有财政部能处理偿付问题。这也是在欧元创建之时众所周知的事情。伊兴承认，他也相信，“在没有建立政治联盟之前就建构一个货币联盟，其实是一种本末倒置。”