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professorwerner 
Thank you Professor Werner for this brilliant, cool & succinct account!
I remember that at the time the upcoming monetary union was being discussed (at the outset of the 90ies) I was an economics student at the Freiburg i. Br. university (back then we still earned diplomas).
One of our professors was „monetarist“ Hans Hermann Francke, who at the time was one of Germany’s foremost monetary experts. He once did a lecture on the draft monetary constitution which followwd Maastricht and left „no good hair“ on it. It would lead to grave and ever growing imbalances and, in the end, ruptures. It was clear as day!
Yes, we economists are oft scolded as people who did not see 2008 coming, which is of course nonsense. But had one technocrat/lawyer ever listened to economists‘ good common sense, we wouldn’t have that kind of fiasko on our hands now.
Great you mentioned Lamfalussy. He was second-in-line as regards top politics. I always thought tat Delors called the true shots. Anyway, ENA technolcrats, both of them; with their own „etatiste“ opinion on the markets. In a way, I regard the Euro as a predominantly French concoction.
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