The Euro-zone is a failed monetary union

Euro Zone is typically an experiment that failed. Only political motive to justify the creation of a union was to integrate Europe into a single entity and thus to enhance its role in world affairs. I believe fundamental reason for failure of Euro is not mismanagement of resources or the behavioral characteristics of people in Europe but it is the absurd idea of monetarily joining a group of heterogeneous nations. The onus of deciding the monetary policy was assigned to a bank in Frankfurt, neglecting the basic fact that monetary policy and fiscal policy go hand in hand. This has led to sovereign debt crisis in member nations coupled with failure of major banks. The political goal of creating a harmonious Europe and giving people a sense of belongingness has fired back as member countries now fight over terms of austerity, burden sharing of financial assistance and financial tool to be used to absorb debts. Single currency forced the nations to have a single monetary policy; single monetary policy would lead to similar taxes and same exchange rates. Countries like Greece and Germany are very different in economic and political cultures, and thus need separate fiscal policies for growth. If a country is experiencing a fall in growth it can decrease the interest rates stimulating economy activity. This cannot be achieved when different companies are experiencing different rate of growth. ECB ad Germany wont weaken the Euro as it would be their disadvantage. High Euro is the last need Greece would need. I believe the worst from Euro Zone is yet to come with zillions of dollars being put to save a sinking ship. The ship is sinking and, sinking fast.