The Euro skeptics contend that the risks of monetary union far outweigh any advantages it may bring. Since exchange rates can (1)_____ be used to offset the strains of different economic conditions prevailing in various member countries, growth and employment problems are inevitable, they say. The resulting political pressures will (2)_____ to demands for large intra-union (3)_____ payments. And (4)_____ political resistance to such payments is inevitable, skeptics regard the EMU as a (5)_____ to further European integration. The (6)_____ of the EMU is groundless. The countries that will soon formally renounce the right to adjust their nominal exchange rates are not (7)_____ up anything they have not already voluntarily surrendered as part of preparations for monetary union. In the past years not one of the 11 founding members of EMU has (8)_____ in order to enhance its (9)_____. What better proof of the determination and (10)_____ of the European countries to form an economic and monetary union? The claims by Euro skeptics that the (11)_____ to EMU membership have sacrificed growth and employment in order to fulfill the convergence criteria don"t hold water.(12)_____, government spending of over 50 percent of GDP and taxes and social (13)_____ contributions of over 40 percent were clear (14)_____ that many countries had widely (15)_____ from being market economies. True, the plan for monetary union (16)_____ countries to get their public finances in (17)_____. But such reforms—to put fiscal and social policies on a healthy, economic footing would have been indispensable anyway. Only with a common currency will the EU"s single market develop its full dynamic potential. The euro will make pricing more transparent, (18)_____ in greater competition and, (19)_____, stronger growth. The days will be over (20)_____, for want of competition, Europe"s economies became rigid and inflexible.