Does a single market need a single currency?

... Does a single market need a single currency? An economic and monetary union has been an objective of the EU as early as 1969 but it did not entirely embark on initiating this objective until the ratification of the Maastricht Treaty in 1992.(p. 13, One Money For Europe?) This treaty sought out to protect the EU from any downfalls that might occur from the fusing of this monetary union by issuing certain convergence criteria, such as secure currencies and rates, a control on government deficits and low interest and inflation rates. Despite the careful preparation of the unifying of currencies, critics and some economists have been eager to point out that perhaps a monetary union is not necessary, and that a single market can exist without needing a single currency. However it has been one of the EU's lasting arguments that in fact a single market certainly requires the

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