The Maastricht Treaty is the most recent step towards uniting Europe into a political and economic European union (EU).  For decades, Europeans have been gradually moving towards a united Europe in order to increase economic efficiency.  While this appears to be a relatively easy idea on the surface, it is far more complex than one could expect.  Many countries stand to gain and others stand to lose if a monetary union (MU) takes place.  In addition to the many economic issues, any analysis of a monetary union is complicated greatly by the critical political and personal objectives of the politicians that are working to integrate Europe.

Generally, on economic grounds, southern countries such as Italy, Spain, and Greece are more inclined to join a MU because, by linking to the core countries of Europe, they should gain stability.  In effect, the countries which...