If the Productivity Commission really is contemplating monetary union with Australia it can drive that thought from its mind with blows and curses. The gruesome example of the weaker members of the eurozone ought to be a compelling enough argument against this zombie idea. If not, it could ask exporters and firms competing with imports this question: If an exchange rate of US82c is hard to live with, how would you like US$1.02 (which is where the aussie has been trading)? More likely currency union is included for the sake of completeness in last week's issues paper from the New Zealand and Australian productivity ... (full story)