A logical corollary of the criteria set forth by Kenen and Obstfeld, and even of Mundell’s labor-mobility criterion, is that currency unions cannot survive without political legitimacy, most likely involving region-wide popular elections. Europe’s leaders cannot carry out large transfers across countries indefinitely without a coherent European political framework.
从柯南和奥布斯菲尔德所提出的前提出发，甚至即使从蒙代尔的劳动流动性前提看，一个符合逻辑的推论是，货币联盟不可能在没有政治合法性——最有可能的形式是地区级的大选——的前提下生存。没有凝聚性的欧洲政治框架，欧洲领导人就不可能无限度地在各国间实现大规模转移。