This blog prophet Edward Hugh said no – the demographics of free spending exhuberance don’t mix with those of the penny-pinching oldies and even the IMF are courting his views. His blog is here and worth a look – one of his followers is Brad de Long! Hugh is an interesting guy who is thoughtfully introspective. He respects non-human life for example.
His central economic claim is that the European Union cannot survive because its demographics differ. That is not a new view however and a special case of a more general view. A monetary union amounts to having fixed exchange rates between locally issued currencies even if you give them the same name. This means that the monetary stances of different countries must be co-ordinated and that is tough to achieve when monetary outcomes are part determined by private sector actions. I recall that Robert Mundell made similar observations in the 1970s. (135)