Shlishi (re earlier post), this is exactly Spain’s and Greece’s quandary. They ceded their monetary powers and responsibilities to the Monetary Union but retained all fiscal prerogatives, which they then used negligibly. A country with its own currency can restore equilibrium by allowing the currency to depreciate (or deliberately devaluating it, as Israel did when it almost went the Greek way in the early-mid 1980s). Greece and Spain cannot; all that’s left to them is budget-slashing.
The purpose of this site being what it is, I’d like to repeat a point I made on an earlier topic: building and running a sound economy has moral value, and for Jews in Eretz Yisrael it has Jewish moral value.