20A: Some observers argued a small euro area would be better than the full 11 member group that started in 1999. Draw up the GGLL framework for a union comprising of just Austria, Belgium, the Netherlands, Luxembourg, France, and Germany and one for a union of those countries plus Spain, Portugal, and Greece. Are the arguments of these observers justified ?

B: Imagine the Maastricht treaty had created a common currency but not a common central bank (with each national CB in control of monetary policy). What problems would you forsee?