This reflects the absence of adequate political institutions at the center. The European Union has taught us valuable lessons over the last few decades: first, that financial integration requires eliminating volatility among national currencies; next, that eradicating exchange-rate risk requires doing away with national currencies altogether; and now, that monetary union is impossible, among democracies, without political union.
Social Europe Journal: Thinking the Unthinkable in Europe
About Dani Rodrik
Dani Rodrik is Professor of Political Economy at Harvard University’s John F. Kennedy School of Government and the first recipient of the Social Science Research Council’s Albert O. Hirschman Prize. His latest book is One Economics, Many Recipes: Globalization, Institutions, and Economic Growth.
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