EU Break Up?

Talks about the break up of the EU got me thinking about the good ol' days of Francs, Lire, Drachmas and Deutschemarks. I imagined a new world where countries who couldn't keep their books tight did the responsible thing and let markets assess them. That way they would be judged fairly without being politicized (US included). Their currencies would be under constant watch from being so devalued that they wouldn't end up like the Eastern Bloc of old.

This it what I imagine such a utopia would be like,