"it would be pretty easy to create a sovereign currency pegged to the euro 1:1 by the countries central bank"
How will you protect the peg? If moving off the euro is taken as a sign of your weakness, defending the peg against the market shorting you will bleed your central bank dry.
How will you protect the peg? If moving off the euro is taken as a sign of your weakness, defending the peg against the market shorting you will bleed your central bank dry.