- Monetary union without political union or a federal government;
- Not only no provision for rescue of member states, but indeed a prohibition which has been confirmed by the German Constitutional Court;
- Unenforceable rules for fiscal policy and debt levels;
- A central statistical body that relies on the unverified published by member states;
- Until now, an absence of market discipline on states which lie about and/or disregard the Maastricht rules;
- A "consensus" that a member state can neither default nor be bailed out (eurothink, file under "religion");
- No provision for states to leave EMU;
- Given ECB's deflationary stance, no way for states with sticky wages to remain competitive in real wages via inflation;
- And above all, no one is in charge. As Henry Kissinger once said "What is the phone number for Europe?"
I would assert that there were two reasons for "Europe": (1) to prevent another war between France and Germany; and (2) to counterbalance America's hegemonic role (especially after the USSR went away).