Anyone who follows the work of Randall Wray[1] and Bill Mitchell[2] knows this is a terrible idea. Relinquishing sovereignty of your currency (or pegging it to another currency or commodity) only narrows domestic policy space.

[1] http://m.youtube.com/watch?v=i35uBVeNp6c

[2] http://www.amazon.com/Eurozone-Dystopia-Groupthink-Denial-Gr...