[stripes1776]

If each country could have it’s own regulations for the Euro, how does that differ from each country having their own currency, like they had before the Euro?

Yes, exactly why I asked the question. I don't know what an international currency is good for if each country treats it like a national one. So I am asking for clarification. Perhaps I don't understand what the term "currency regulations" means.

[SAJ]

''Currency regulations'' or ''currency controls'' are very easy to understand. They are an attempt by government(s) to forcibly change the mindset of a markey or markets. As John Galt put it: ''How will your gun make me change my mind, Mr. Thompson?''

They have a very sordid and very unsuccessful history. The most recent attempt was ERM, which crashed and burned in August-September 1992. Prior to that, there was the post-Bretton Woods arrangement (what E-P references as a ''dirty float''), wherein there was simple chaos in forex for 2-3 years after Nixon closed the gold window.

Prior to that, there was the Sterling Bloc in the post-WW II era, whereby the UK attempted to control both Sterling flows and gold flows. It ended when (finally) some boffin figured out that it was impoverishing the nation quite steadily.

Think of government managing the Postal Service (cough), and multiply by 10,000. That's what we'll see if these losers go the route of currency controls.

I can't wait -- we nasty old forex traders will make a megaboatload on this deal.