The Euro

I received this interesting note from a friend last week, part of an ongoing discussion about the Euro and how it may affect the American election:

So what lies ahead for Europe? A bearish scenario with a substantial cheapening of the Euro vs the UKPound and vs the USD followed by the beginnings of a classic Europe-wide inflation? Or a bullish scenario: recovery and growth of the economies and increases in their rates of employment? I'm not bullish, are you? My concern about applying what sounds like a US-type solution to the European problem is that the US has the advantage of a unified set of laws affecting both its singular US banking system and its singular and unified economy (an economy that produces the unique powerhouse that is the US gdp). I can't see how they can make an economic whole out of an economic patchwork quilt (without a brand new unifying political structure). It will forever look like a work in progress, not like finished goods. The US experience with its First Bank of the United States a couple hundred years ago is evidence of that.