A former World Bank adviser contends that the monetary union has no real benefits for many of its members. While it benefits Germany, the common currency hampers the growth potential of less developed states.
In Magyar Nemzet, former World Bank adviser István Dobozi thinks that the past 15 years of the Euro have been marked by permanent crisis. He describes the EU currency as a fallacious system in which monetary union without fiscal centralization slows down growth in less developed peripheral states, as they have no leverage to boost the competitiveness of their national economies by devaluating their currencies. Germany, on the other hand, benefits a lot from the common currency as its virtual currency is undervalued which boosts its export potential. Without further centralisation including central budget procedures, the common currency has no tangible overall benefits, Dobozi concludes.