Take 100 economic, social and political characteristics of 12 hypothetical and actual monetary unions, graph it, and you’ll see that the major countries of the European Union are more different than all of the countries on Earth at the fifth parallel, all of the countries from the Ottoman Empire, and all countries beginning with the letter “M.” The 100 factors were measured by the World Economic Forum Global Competitiveness Report, from corruption to deficits, and J.P. Morgan analyst Michael Cembalest calculated that the major countries on the euro are more different from each other than almost any combination of countries imaginable.

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