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Europe, An Engine of Peace

Critics of European monetary integration often point out that, in the absence of political union, monetary union is doomed to fail. I agree with the critics’ conclusion, but not with their premise, for the success of the single currency so far has been due precisely to the political commitments of the Union’s member countries.

In other words, it is not true that the European Union does not constitute a political union. European economic integration – in all its aspects – reflects the desire to integrate Europe politically, which, at least in my view, implies that European economic and monetary integration is irreversible.