There are two variants of optimal currency area theory. The first variant was formalized in 1961 and it must have known a time i wish they were celebrated with confidence, says David Frum. In the early two thousands when the europe was introduced there were really wild predictions of economic convergence between countries but that didn't happen. There's been a very big divergence between rhetoric and reality on that level so despite some concrete policy like german order liberals have responded to something like dcb-crony you can clearly see that they don't recognize their neoliberal brainchild at all anymore," he adds.