&gt; I wonder why so few people in Europe realise that.<p>I don&#x27;t think there&#x27;s ever been any confusion that the adoption of the Euro limits member countries&#x27; domestic policy options; people in Europe may have differences of opinions about whether this is a <i>good</i> tradeoff for having a common currency and increasing Eurozone-level policy options, but I don&#x27;t think many of them fail to realize that limiting local policy options is an effect of the Euro.<p>OTOH, there&#x27;s a difference between an upward transfer to a higher-level government that is still accountable to your citizenry (even if their voice is diluted because it is a higher-level government with broader scope) and outsourcing monetary policy to an external issuer.