The thing is, Nishin, the countries that have experienced the worst pain cannot easily dig themselves out of the troubles.
Let's take Greece and Spain, for instance. Under the old system, the value of the drachma and peseta (sp?) could drop. This would enable Greek and Spanish exports to become cheap again, which would boost their industries, and so on.
As it stands today, the Euro works like a noose around their necks. Greece and Spain face long, grueling recoveries.
Heaven knows, I hope that I am wrong about this.
You're talking about technical details of the current system while I'm envisioning a larger picture...
China devaluates its money for cheap exports, USA prints more and more dollars whose value is indexed on ... stardust or something...
Certainly all US states are not equal in wealth and the poorest states are supported by the richest state's wealth?
When the EU can do that and reduce its dependence (energy wise) from volatile markets it will have reached its goal and upgraded its inhabitants prospects for better lives.
The euro is a Frankenstein monster, and the American sham capitalist system is the Wiz of Oz.