Should Foreign Countries Dollarize? Share Trending I’m not a fan of the European Union, which has morphed from something good (a free-trade pact) to something bad (a pro-centralization,wannabe United States of Europe that exacerbates the continent’s tax-and-spend mentality). Indeed, that’s why I’m a huge fan of Brexit. The United Kingdom is wise to escape the sinking ship. But notwithstanding all my critiques of the E.U., I’ve never blamed or condemned the euro currency. Why? Because many of the nations that joined that common currency did a lousy job when they had national currencies. Italy and Greece, for instance, routinely used their central banks as printing presses to help finance bloated budgets.