No. It is a socialist, statist, social engineer's dream. It is part of an assault on national sovereignty, and is simply a mechanism to enable unelected bureaucrats in Brussels to regulate the European economy by fiat.
I'm guessing that you think capitalism is a bad thing. If so, know that you cannot be FOR people and AGAINST capitalism. There are only two kinds of people who are against capitalism -- those who want to control others, and those who want to abdicate responsibility for their own lives.
If you think the EU the euro are about capitalism, you are VERY confused.
Never mind me, let's talk about the idea, okay?
The EU, the Euro, the WTO and NAFTA are schemes put together by the biggest corporate interests in Europe and America to make it easier and more efficient to make profits. These schemes have been instituted by governments at the behest of the corporations who financed their election to power.
Those of us capitalists who trade forex and currency futures have known for some time the nature and intent of the Euro conversion. Wim the Dim (Duisenberg, head of ECB), Trichet, Issing, and that Finnish idiot are going to get more than they planned for on this deal. Instant price inflation, notwithstanding that curious demurrer a couple of posts above, was **always** going to occur (take a look at what happened to prices when the Fifth Republic re-did the Franc).
There's another kicker the Eurodolts couldn't quite figure, although traders didn't have any problem with it. Europeans, particularly the French and Italians, are famed mattress-stuffers. Combine this with the huge gray/black market which the EU can't quite seem (heehee) to eliminate, and you've got this great huge pile of USD and Swiss banknotes stashed. Question: even with amnesty (for violation of currency laws, now being offered by at least 3 EU member nations), will this stash be converted to shiny new Euros?
Answer: based on the evidence to date, not a chance in h*ll. The stashers know their own tax critters FAR too well for that. Chalk up another negative for the Euro, esp. when the thoroughly socialist EC whips up the next tax hike. I'm betting between Feb and Apr next year, btw.
Suggest writing 30- to 45-day IMM EuroFX calls, 250-350 pips out of the money, on any 300+ pip rally in front month or spot. This should be profitable net through about 2003, bar only repeated terrorist incidents in the US (if the Tango Adam Hotels want to play their little games in Euroland, don't bother with the calls; just sell the Euro outright). Also, when Film Star Tony calls the referendum on UK joining the Euro (if he does, finally, call for it), buy the Euro/Sterling cross-rate contract on NYBOT/FINEX with both hands. Euro is so undervalued that it MUST rise relative to GBP in order for Britain to meet the Maastricht Treaty entry standards.