Bulletin n. 1/2017 | ||
June 2017 | ||
Ruiz Devesa Domènec |
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A Federal Budget for the Eurozone: the Böge-Berès Proposal | ||
in Federalist Debate (The) , Year XXIX, Number 3, November 2016 , 2016 | ||
A common market and a single currency are typical features of all political federations. A common market without a monetary union is dysfunctional: inter-state trade is more cumbersome, while competitive currency devaluations could be used to cheapen the goods and services of one Member State of the common market vis-à-vis all other partners. In the case of Europe, the establishment of a common market endowed with a supranational currency can be traced back to the Ventotene Manifesto of 1941, though it is explicitly proposed in its 1943 preface written by Eugenio Colorni. Thus the euro is in origin a federalist idea, because sharing a single currency is a typical attribute of political federations. | ||