Not only is it possible for the European Monetary Union to succeed, it has already been a very great success with several proven results. The European Union is simply a wonderful example of nations pooling their resources for the greater benefit of all citizens in each of the member countries.
I believe it is possible for the European Monetary Union to succeed, it just highly depends on how it will be handled. Everything has a chance as long as it is not twisted or skewed to the benefit of a few people. It may have obstacles to overcome but that does not mean it's doomed to failure.
Yes, it is possible for the European Monetary Union to succeed, because they do a fairly good job managing money as it is. They have made a strong currency, and the Euro is strong against the dollar. They also do a good job managing crisis, for example the problems in Greece.
The European Monetary Union can succeed if all of the countries stick together can continue to work on solutions. All governments involved need to put their egos aside and make sure they work for the good of the public. This will strengthen the monetary system and create better currency for the markets.