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  In the USA - a monetary union - things did not always go smoothly:
  
  
  "During the first 150 years of the U.S. monetary union, regional battles over monetary policy and institutions were widespread. Simply put, what was beneficial monetary policy for one region was not necessarily beneficial for another".
  "So, how long did it take the United States to become an optimal currency area? .....a reasonable minimum may be 150 years."
  (National Bureau of Economic Research)
  
  In the early days of US monetary union there were frequent calls for old currencies to be resurrected in individual states as they suffered from economic 'shocks' and maybe this is what we are witnessing; birth pains rather than the death rattle?

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