A More Perfect Monetary Union
The eurozone is often considered an experiment: a monetary union without political unification. But such monetary unions have existed – the gold standard being the most notable example – and they offer some important lessons about how to make the eurozone work.
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WARSAW – The eurozone is often considered an experiment – a monetary union without political unification. Those who make this claim seem to have in mind a model of a single state, which possesses two relevant features: limited fiscal sovereignty for regional and local governments and a substantial common budget from which regions hit by asymmetric shocks can receive transfers.