In fact, America’s experience in the 1960s should have warned the eurozone’s creators that tying national monetary authorities’ hands might not be such a good idea. That would not be the case if the eurozone operated according to Robert Mundell’s vision of an optimal currency area, with labor and capital adjustments replacing exchange-rate adjustment, and shocks being homogeneous (rather than asymmetric).
事实上，美国在20世纪60年代的经验应该成为欧元区创立者的警告：束缚国家货币当局的双手也许并不是出色的主意。若根据罗伯特·蒙代尔（Robert Mundell）的最优货币区概念操作（用劳动力和资本调整代替汇率调整，冲击将是同步的而非不对称的），就不会如此。此外，德国重新统一的经验表明政治联盟才是货币联盟成功的关键。