Third (and very important): when they made the Euro they DID NOT decide how to get out of this international agreement if a country could not respect those criterias (it’s clear that to give fines to pay to a country that does not respect those criterias just makes things worse and the criterias get even farther).

CONCLUSION
It is obvious that the euro CAN melt down and that single currencies (italian euro, german euro, spanish euro etc.) start floating on the market with different exchange rates. Just like US dollar and Canadian dollar.
That’s as obvious and certain as it is the existance of soverignty of the single european countries.
And I totally agree with JhonRS that the markets can force it, just like they did with states loans (pubblic debts) of different euro countries.
The problem is: HOW DOES THIS GOES?. Friendly or unfriendly?
If forced by the markets, how can the european countries get out of the euro’s agreements? (P.S. Spain actually has a 20% unemployment rate, greece is in recession).
I’m very very very worried about this point. For the notes (money bills and coins) it looks simple (you look at the letter on notes or the design on coins and you know if you have german euro or spanish euro). For the bank’s current accounts and other assets it may also be easy (you look at the residency of the accounts, so if you have an account on the spanish territory you have Spanish euro, if in germany, german euro).
But (and here is the big problem) it is more than 10 years people and companies make national and international contracts in Euro (without deciding if in italian, spanish, german … ones). And in this 10 years where created an ammount of credit/debts between different countries in “Euros”. As example, spainish banks have received billions of euros from german banks. What was that? German euro or spanish euro? I’m afraid that if we have to melt down the euro, the german banks (the creditors) will say it was german euro and the spanish ones (the debtors) will say that’s in spanish euros. That’s becouse the day after the melt down the spanish euro we can imagine will be worth 50% the german euro. This scares me!
I wish to remember that europe fall into war (twice) this century for a problem of international loans.
I like to think that the founders of euro didn’t think of an exit strategy becouse they dreamed a single country, with a single politics and economical authority, for europe. SO DO I. But here lately people talk about regional independecies (north italy, catalonia in spain, paises bascos etc. etc.).
This is at least what I think I understood. I might be wrong, but I belive the only solution is “one europe one country”. That’s not easy.

Third (and very important): when they made the Euro they DID NOT decide how to get out of this international agreement if a country could not respect those criterias (it’s clear that to give fines to pay to a country that does not respect those criterias just makes things worse and the criterias get even farther).

CONCLUSION
It is obvious that the euro CAN melt down and that single currencies (italian euro, german euro, spanish euro etc.) start floating on the market with different exchange rates. Just like US dollar and Canada dollar.
That’s as obvious and certain as it is the existance of soverignty of the single european countries.
And I totally agree with JhonRS that the markets can force it, just like they did with states loans (pubblic debts) of different euro countries.
The problem is: HOW DOES THIS GOES?. Frinedly or unfriendly?
If forced by the markets, how can the european countries get out of the euro’s agreements? (P.S. Spain actually has a 20% unemployment rate, greece is in recession).
I’m very very very worried about this point. For the notes it looks simple (you look at the letter and you know if you have german euro or spanish euro). For the current accounts and other assets it may also be easy (you look at the residency of the accounts, so if you have an account on the spanish territory you have Spanish euro, if in germany, german euro.
But (and here is the big problem) it is more than 10 years people and companies make national and international contracts in Euro (without deciding if in italian, spanish, german … ones). And in this 10 years where created an ammount of credit/debts between different countris in “Euro”. As example, spainish banks have received billions euros from german banks. What was that? German euro or spanish euro? I’m afraid that if they try to melt down euro, the german bank (the creditor) will say it was german euro and the spanish one (the debtor) will say that’s in spanish euros. That’s becouse the day after the melt down the spanish euro we can imagine will be worth 50% the german euro.
I wish to remember that europe fall into war (twice) this century for a problem of international loans.
I like to think that the founders of euro didn’t think of an exit strategy becouse they dream a single country, with a single politics and economical authority, for europe. SO DO I. But here lately people talk about regional independecies (north italy, catalonia in spain, paises bascos etc. etc.).
WE NEED ONE EUROPE ONE COUNTRY. HELP!!!!!!

Read http://thomasbarker.com/10/05/euro-fragmentation-yes-sepa-can(Link)

But I think it’s important that Scottish notes look different. Little things like that matter. If the various countries’ Euro notes had more obvious dinstinguishing features, I can’t help thinking that the venture would have collapsed in chaos years ago. As it is though, it’s quite hard to tell Euros apart, and easy to confront a failure to accept a note with the fact that it’s a Euro, the same as all the other ones in your wallet (certainly easier than pointing out to a truculent English shopkeeper that the Royal Bank of Scotland plc promise to pay the bearer on demand Ten Pounds Sterling, see, there, dammit). That should limit this effect somewhat.

The dollar and pound each come from one country with a single Central Bank plus one set of legal, tax and fiscal rules that cover the whole currency area. There’s a single government and Chancellor/Fed Head. So it’s one country, one currency.

The Euro has no single bank, government, financial environment or controlling political entity and so (in blunt truth) is not a single currency at all. It could easily be split apart into a number of differing “Euros” if folk start to discriminate between currency areas – like they are doing with state loans right across the EU as we speak!!

Vetting banknotes is just another symptom of the fault lines that are opening up across the EU, despite the vast loans that are supposed to paper over the cracks.

When I was in Crimea back in 1992, they were printing “kupony” not for the ruble, but for the ruble-equivalent karbovanets. There were kiosk money changers willing to buy ruble notes at par with the kupony. It struck me as humorous that they thought the ruble was a stable currency, at a time when the Russian ruble had already slid to 100+ to the dollar. (This before any of the revaluations, of course.)

I still have one that I’ve transferred from wallet to wallet for close to 20 years now, as well as a few in a better condition next to my Latvian ruble notes from the same time that were also on par with the Russian ruble. And someplace I should have a few old Soviet/Russian one-kopeck coins.

When Portugal starts printing idiosyncratic Portuguese Euros, with a different design, that will be an issue.

Thus it was Russia that introduced its own rouble……

However, the reason this would be a bad analogy is because the cash euro is such a tiny part of the money supply across the EU zone. Electronic euros are vastly more important and there is no differentiation between them.