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How Much Political Union is Required for a Single Currency?

In: European Monetary Union: The Kingsdown Enquiry

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  • Graham Bishop

Abstract

The short answer to the title of this chapter is that not much is required but much could be chosen. Sharing a single currency does not appear relevant to many aspects of political union, such as military cooperation, foreign policy and so on. Instead the key aspect for politicians is the power to spend money: either raised from the citizens by taxes or borrowed, via the financial markets, from savers. Preserving that sovereign power to spend — but sensibly — is the challenge facing policy-makers in the approaching single currency system.

Suggested Citation

  • Graham Bishop, 1996. "How Much Political Union is Required for a Single Currency?," Palgrave Macmillan Books, in: Christopher Taylor (ed.), European Monetary Union: The Kingsdown Enquiry, chapter 32, pages 206-210, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-24825-4_32
    DOI: 10.1007/978-1-349-24825-4_32
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