The crisis the EU faces is old, the "one size fits all". Single currencies come with a host of problems. To put it more economically "a single value". In 1949, Britain devalued the pound sterling by 30%. This was a major world economic event given that the pound was and still is one of the major currencies in the world. In fact at the time, 9 other countries followed suit then. They were Australia, India, South Africa, New Zealand, Eire, Denmark, Norway, Egypt, and Israel. Interestingly, several among those who devalued were former British colonies. They devalued by a similar margin as if their economies had the same posture of the British economy including having the same financial muscle. In reality the effect of the devaluation was much greater in India, Norway, Denmark etc as their economies had to absorb more liabilities greater than the 30 percent. This is the same crisis the Euro and the EU is facing. The German economy cannot be compared to the smaller EU states that cannot fully absorb changes on the EU as Germany can, hence Germany gets richer at the expense of other EU states that are driven into poverty.

Embedded deep in "value structure" are the IMF fixed cross rates.The IMF fixed cross rates goes against the free market system. The IMF fixed cross rates are based on the exchange rate of the US dollar against the Sterling pound. On the 30th of March 2018, the Sterling pound value to the US dollar was £1 equal to US$1.404. The Euro value against the Sterling pound was £1 was equal to €1.140 while against the US dollar it stood at US$1 to €0.81169. By dividing €1.140 by €0.81169 it gives the cross rates of 1.404. When looking at the North Korean Won its Sterling pound value stood on the same day at KPW1,263 while its US dollar value at KPW900.69 giving a cross rate of 1.403. For the Japanese Yen on the same day the JPY149.067 for the Sterling pound manifested and JPY106.185 for the US dollar giving a cross rate of 1.404. The same picture is seen in the Indian Rupee INR65.06 per US dollar against INR91.36 per Sterling pound to give a 1.404 cross rate. The structure of value consequently is not market driven as the IMF fixed cross rates need to be replaced with free floating cross rates. Exchange arbitrage between markets should equalise quotations between markets. This sadly at the Interim Committee of the Board of Governors of the IMFs fifth meeting held in Jamaica in January 1976 that set to resolve the on going crisis then "the central aspect of reform-the exchange rate regime, convertibility of official balances and the reserve system-the Jamaica agreement virtually accepts the 'fait accompli' that had followed the breakdown of the Bretton Wood system".

What created the grand project the EU stems from this 1976 interim meeting was as noted by The Report of the Independent Commission on International Development Issues under Chairmanship of Willy Brandt that " continuing with the prevailing situation with the role of the US dollar reduced, with an increased role for other currencies and private financial markets, and with all governments trying to reduce their exposure to exogenous events; or moving in the direction of regional monetary blocs, which would each work out their own relations with other monetary areas; or advancing to a better-organized world system (North-South: A Programme for Survival (1980) p.206)." Yes monetary blocks like the EU so strong and big that no financial crisis would shake it. Coupled with reducing the exogenous shocks of the US dollar through the creation of the Euro, the future of global value was meant to be secured.

The crisis of 2009 brought the big economic blocks to their knees and the Jamaica Accord was now questioned. The Jamaica Accord did not deal with the transmission of value through a currency that represents the geographical confines of a nations wealth.

Economics 101. Adam Smith's Supply and Demand doctrine talks of Country X with Commodity X with Currency X. It is the supply of Commodity X and it's demand bought by Currency X that creates a price. If Country Y wanted Commodity X then Country Y would have to change its Currency Y into Currency X to buy Commodity X. That is why a Euro cannot buy anything directly from the US until it is changed into a US dollar. A US dollar cannot buy anything from the EU until it is changed into a Euro. But this perception is not universal as most developing countries directly sell their goods for US dollars. In effect the US dollar through geographical spectacles extends to most developing countries who in effect belong economically to the USA. The same applies to the Euro and it's members. Some are more equal than others. Yet each EU state has its own unique economy and that must be etched into a currency representing that which brings us back to the fundamental of Adam Smith.

The other side of the coin is domestic policies. A target of 10 percent inflation has to be weighted in real value terms. Ten percent of the German economy weighted in value terms is not ten percent in the Greek economy. "The one size fits all" does not work.

Even on taxes and budgets. A budget is meant to last one calender year. It represents a certain percentage of the GDP. Say 40 percent which breaks down to a 3.3 percent tax rate per month. The reality on the ground is different. Take the British budget. Do the maths. Economists need to get the mathematicians. British 2018 budget at £814 billion that breaks down to £67.83 billion. Total GDP for 2018 estimated at £2029.8 billion. To collect £814 billion budget a extraction rate or tax of 3.34 percent per month would yield £67.83 billion per month or £814 billion per year. As taxes are above the 8 percent threshold, the government will collect the budget, spend it, re collect it, spend it, recollect it, spend it in a cyclical pattern many times in a single budget year. In effect it will be like Keynesian economics and the printing of money except instead of printing physically, the printing is done by recycling it. Taxes thus become compounded. Government tax at 30 percent in the first cyclical would extract that value leaving 70 percent. Then in the next cycle extract another 30 percent leaving 40 percent. The next 30 percent extraction in real terms is facing 40 percent left of the economy and in real value terms is 70 plus percent. Once all the value is extracted of savings, investments of ordinary people the whole nation government borrows against a "fiscal and economic crisis" ... Brexit I suppose or is it Grexit.