Miguel Otero-Iglesias | Elcano Royal Institute (original) (raw)
Papers by Miguel Otero-Iglesias
This paper attempts to understand why after two decades proposing the creation of a political uni... more This paper attempts to understand why after two decades proposing the creation of a political union to make European monetary union (EMU) sustainable, Germany has not utilised the ‘window’ offered by the Eurozone crisis to pursue more vigorously this goal. Using the conceptual devices of the Chartalist understanding of money and hegemony, three possible explanations are explored. 1) Germany is slowly becoming a ‘normal’ European power and has started to favour the intergovernmental to the community method. 2) The German public has lost its enthusiasm for European integration, especially after realising how the proposed banking union has brought the spectrum of a ‘transfer union’ closer. 3) Germany remains a reluctant hegemon and once it has seen that France is still not ready for political union it has refrained from actively promoting this ideal. The conclusion of the paper is that the first two explanations have some merits, but that the third one continues to be the most convinci...
Paolo Gentiloni took over from Matteo Renzi as Italian Prime Minister in December, but the countr... more Paolo Gentiloni took over from Matteo Renzi as Italian Prime Minister in December, but the country’s politics remain volatile amid infighting within Renzi’s Democratic Party and calls from the Five Star Movement for a referendum on Italy leaving the euro. Miguel Otero-Iglesias highlights the widespread anger some voters feel toward the EU and Germany, but suggests that even if Grillo were to win the next election an ‘Italexit’ would be unlikely.
This paper presents five hypotheses to account for support for anti-establishment and anti-global... more This paper presents five hypotheses to account for support for anti-establishment and anti-globalisation movements. In addition to the predominant perception that the economic decline of the middle classes and the growing xenophobia evident in the West account for Donald Trump’s victory in the US, Brexit and the rise of the National Front in France, among others, the authors set out another three reasons: the difficulties that significant layers of the population are having in adapting to technological change, the crisis of the welfare state and the growing disenchantment with representative democracy.
By looking at how far China has gone in internationalising its currency, the Renminbi (RMB), it i... more By looking at how far China has gone in internationalising its currency, the Renminbi (RMB), it is possible to identify the main strategic goals that China wants to achieve through this process, along with the main risks that such an objective embodies. It can be said that so far the gradual internationalisation process of the Chinese Renminbi (RMB) has been successful. The Chinese approach of crossing the river by feeling for the stones underwater has proved to be adequate. While it is commonly believed that a currency can only become international when it is fully convertible, Hong Kong and the RMB might prove the contrary. Nonetheless, there are several risks lying ahead. So far the internationalisation process has developed smoothly because the waters of the river have been relatively shallow, but once they deepen proportionally to the amount of RMBs that are in circulation overseas, the journey might not be so easy.
Economics, 2018
Tension is growing between the interests of part of the middle classes that are in decline in the... more Tension is growing between the interests of part of the middle classes that are in decline in the mature economies and the rising ones in emerging markets. The aim of the public policies proposed in this paper is to impede such a clash by avoiding protectionism and de-globalisation, fostering inclusive technological innovation, compensating the losers of globalisation in developed economies and reassuring the winners in emerging economies. Furthermore, it argues that the G20 concept of ‘inclusive growth’ must overcome the challenges prompted by reduced inequalities between countries, growing inequality within countries and the disruptive impact that accompanies technological innovation.
This Working Paper provides a comprehensive and multidisciplinary literature review on the euro v... more This Working Paper provides a comprehensive and multidisciplinary literature review on the euro vs dollar debate. In the first part it presents the euro-optimist and the euro-sceptical hypotheses on the euro’s challenge to the dollar within Economic literature and how current data show how the euro has underperformed vis-a-vis euro-optimistic expectations. In the second part, drawing on the International Economics and International Political Economy (IPE) literature, the paper explains the euro’s political flaws. It shows that a currency can only become the top international currency if there is an active political commitment by the issuing authorities to make it the leading currency. The paper shows how existing IPE literature offers a very accurate picture of the structural conditions of the international monetary system. Where it lacks nuance is in identifying the social impact of the euro. The last part of the paper focuses on these social dimensions. Following a constructivist ...
Revista De Economia Mundial, 2017
One of the more controversial ideas put forward during the Greek debt crisis has been the suggest... more One of the more controversial ideas put forward during the Greek debt crisis has been the suggestion by the German Finance Minister, Wolfgang Schauble, that Greece could temporarily leave the Eurozone for a period of five years. Miguel Otero-Iglesias writes that while the idea itself has been widely criticised, the hard-line taken by Schauble, and the subsequent U-turn by the Greek Prime Minister Alexis Tsipras, has paradoxically reduced any real potential for a Grexit to take place.
The establishment of the euro meant that for the first time in history, the national monetary pol... more The establishment of the euro meant that for the first time in history, the national monetary policy of many European countries became pooled at a transnational level. Miguel Otero-Iglesias writes that a consequence of this is the movement of economic sovereignty towards Berlin and Brussels, and away from the Eurozone’s periphery. He argues that greater economic union combined with a new Eurotreasury, focused on growth and stability, would give more voice to debtor countries and also might help to stem the tide of Euroscepticism that is currently creeping across Europe.
A key legal debate in the context of the Eurozone crisis is whether so called ‘Outright Monetary ... more A key legal debate in the context of the Eurozone crisis is whether so called ‘Outright Monetary Transactions’(OMT), which would allow the European Central Bank (ECB) to buy unlimited numbers of government bonds in secondary markets, are compatible with European law. The latest development in this debate came last week when one of the Advocates General of the European Court of Justice (ECJ), Pedro Cruz Villalon, stated that in principle OMT would be legal under the correct conditions, which include removing the ECB from the ‘troika’ which oversees financial support to Eurozone countries. Miguel Otero Iglesias writes that while the ECJ is not expected to give a full ruling until the autumn, political leaders should be cautious about removing the ECB from the troika without creating a new institution capable of filling its role.
ICE, Revista de Economía, 2019
La crisis financiera global, a la que siguió la crisis del euro, ha puesto de manifiesto las debi... more La crisis financiera global, a la que siguió la crisis del euro, ha puesto de manifiesto las debilidades de la estructura original de la UEM y la incapacidad de la moneda única en su actual diseño de proteger a la zona euro de los shocks monetarios y financieros provenientes de EE UU, así como de plantarle cara al dólar como moneda de reserva global. En primer lugar, este artículo subraya que, más allá de completar el edificio del euro con una unión bancaria completa, una unión fiscal y una serie de reformas institucionales que hagan a la moneda única resiliente y sostenible, es necesario entender por qué la teoría de las áreas monetarias óptimas y su concepción del dinero es claramente insuficiente para explicar los problemas del euro ante la crisis. Hace falta introducir factores de economía política y de poder con mayor claridad. En la segunda parte del artículo analizamos los pasos que deben darse si realmente se pretende avanzar en la internacionalización del euro, algo cada ve...
Journal für Entwicklungspolitik, 2009
Politica Exterior, 2015
La economia mundial se debate entre los riesgos del estancamiento en muchos paises avanzados, cri... more La economia mundial se debate entre los riesgos del estancamiento en muchos paises avanzados, crisis o desaceleracion en algunos emergentes y el impulso que puede suponer la fuerte caida de los precios del petroleo. Lo mas preocupante: el entorno europeo. Una compleja combinacion de luces y sombras para la economia internacional, europea y espanola es el testigo que 2014 ha pasado a 2015. Espana muestra claros sintomas de recuperacion en un entorno europeo preocupante por el bajo crecimiento y el riesgo de deflacion, mientras la economia mundial se debate entre los riesgos de un estancamiento con creciente desigualdad en los paises avanzados que, sin embargo, podrian beneficiarse de una fuerte caida de los precios del petroleo que liberaria recursos para un mayor consumo y una aceleracion del crecimiento. Todo ello con focos de incertidumbre de origen monetario y geopolitico, y con una cada vez mas debil gobernanza economica internacional para hacer frente a los retos derivados de una economia crecientemente multipolar, donde la rivalidad entre grandes potencias se esta haciendo cada vez mas palpable. Un crecimiento mundial debil El Fondo Monetario International (FMI) ha vuelto a reducir sus previsiones de crecimiento para los proximos anos. La directora gerente, Christine Lagarde, incluso ha senalado que existe un elevado riesgo de que la economia global se atasque en una senda de "crecimiento mediocre" con altos niveles de desempleo y deuda. Es el tercer ano consecutivo que el FMI rebaja sus previsiones, lo que demuestra que el legado de la gran recesion sigue pesando. El desapalancamiento de empresas y familias y la falta de inversion actuan como frenos al crecimiento. Incluso las economias mas dinamicas como Estados Unidos y Reino Unido presentan un potencial de crecimiento mas bajo que antes de la crisis. Aun asi, se espera que las economias emergentes crezcan alrededor del cinco por cien, mientras que las avanzadas lo hagan alrededor del dos, lo que dejaria el crecimiento mundial en el entorno del 3,5 por cien pero con riesgos a la baja. El "estancamiento secular" (termino resucitado por Larry Summers y que se ha puesto de moda) es, junto al aumento de la desigualdad, el mayor desafio que tienen las economias desarrolladas, que ven como el apoyo a la globalizacion entre la ciudadania continua cayendo y, consecuentemente, como los movimientos politicos nacionalistas y antisistema ganan adeptos. El mayor temor es que se confirme que tanto en Europa como en EE UU la economia sea incapaz de crecer sin estimulos monetarios continuos, y que dichos estimulos generen burbujas en los mercados de activos que lleven a la inestabilidad y a nuevas crisis
The euro was launched 15 years ago through the Maastricht Treaty, and was expected to make Europe... more The euro was launched 15 years ago through the Maastricht Treaty, and was expected to make Europe stronger economically and more integrated. Although the Delors report in 1989 correctly identified many of the structures needed to make EMU work, the Maastricht design underplayed the importance of labour and product flexibility, and of divergences in competitiveness. For most of its first decade the euro area grew quickly, coinciding with a period of very rapid world growth. However, the global economic and financial crisis that started in 2007 hit Europe hard, exposing serious flaws in its original design. Although the crisis began in the United States, Europe ended up being the worst-affected region. At one point, markets and commentators began to ask serious questions about whether the single currency could survive. Important measures were taken to save the euro, and since 2012 markets have become calmer, as European leaders and policy-makers signalled they were prepared to take to...
Comparative European Politics, 2017
This article analyses the ideational footprint of the euro in regional monetary integration. Upon... more This article analyses the ideational footprint of the euro in regional monetary integration. Upon the basis of over 70 financial elite interviews in China, Brazil and the Gulf Cooperation Council (GCC) countries we find empirical evidence to suggest that EMU triggered considerable symbolic effects in stimulating regional monetary cooperation up to the recent Eurozone crisis. Nonetheless, our analysis coincides with Cohen’s in being sceptical about the possibility of monetary unions in Latin America, the GCC and East Asia. This is partly explained by a lack of sense of community in these regions. However, where we revise Cohen’s work is in the notion that monetary unions require a regional leader. EMU stands out because it is primarily based on the Franco-German partnership (which remains crucial for its survival) and not on Germany’s leadership. This joint leadership is absent in our three case study regions and thus might explain why progress towards monetary union has been limited.
Statelessness in the European Union
7 De facto statelessness in the United Kingdom Caroline Sawyer, Brad K. Blitz and Miguel Otero-Ig... more 7 De facto statelessness in the United Kingdom Caroline Sawyer, Brad K. Blitz and Miguel Otero-Iglesias The United Kingdom: changing statuses in a country of historical immigration The legal context for those without immigration status has changed fundamentally in the ...
The EU, the US and China – Towards a New International Order?
This paper attempts to understand why after two decades proposing the creation of a political uni... more This paper attempts to understand why after two decades proposing the creation of a political union to make European monetary union (EMU) sustainable, Germany has not utilised the ‘window’ offered by the Eurozone crisis to pursue more vigorously this goal. Using the conceptual devices of the Chartalist understanding of money and hegemony, three possible explanations are explored. 1) Germany is slowly becoming a ‘normal’ European power and has started to favour the intergovernmental to the community method. 2) The German public has lost its enthusiasm for European integration, especially after realising how the proposed banking union has brought the spectrum of a ‘transfer union’ closer. 3) Germany remains a reluctant hegemon and once it has seen that France is still not ready for political union it has refrained from actively promoting this ideal. The conclusion of the paper is that the first two explanations have some merits, but that the third one continues to be the most convinci...
Paolo Gentiloni took over from Matteo Renzi as Italian Prime Minister in December, but the countr... more Paolo Gentiloni took over from Matteo Renzi as Italian Prime Minister in December, but the country’s politics remain volatile amid infighting within Renzi’s Democratic Party and calls from the Five Star Movement for a referendum on Italy leaving the euro. Miguel Otero-Iglesias highlights the widespread anger some voters feel toward the EU and Germany, but suggests that even if Grillo were to win the next election an ‘Italexit’ would be unlikely.
This paper presents five hypotheses to account for support for anti-establishment and anti-global... more This paper presents five hypotheses to account for support for anti-establishment and anti-globalisation movements. In addition to the predominant perception that the economic decline of the middle classes and the growing xenophobia evident in the West account for Donald Trump’s victory in the US, Brexit and the rise of the National Front in France, among others, the authors set out another three reasons: the difficulties that significant layers of the population are having in adapting to technological change, the crisis of the welfare state and the growing disenchantment with representative democracy.
By looking at how far China has gone in internationalising its currency, the Renminbi (RMB), it i... more By looking at how far China has gone in internationalising its currency, the Renminbi (RMB), it is possible to identify the main strategic goals that China wants to achieve through this process, along with the main risks that such an objective embodies. It can be said that so far the gradual internationalisation process of the Chinese Renminbi (RMB) has been successful. The Chinese approach of crossing the river by feeling for the stones underwater has proved to be adequate. While it is commonly believed that a currency can only become international when it is fully convertible, Hong Kong and the RMB might prove the contrary. Nonetheless, there are several risks lying ahead. So far the internationalisation process has developed smoothly because the waters of the river have been relatively shallow, but once they deepen proportionally to the amount of RMBs that are in circulation overseas, the journey might not be so easy.
Economics, 2018
Tension is growing between the interests of part of the middle classes that are in decline in the... more Tension is growing between the interests of part of the middle classes that are in decline in the mature economies and the rising ones in emerging markets. The aim of the public policies proposed in this paper is to impede such a clash by avoiding protectionism and de-globalisation, fostering inclusive technological innovation, compensating the losers of globalisation in developed economies and reassuring the winners in emerging economies. Furthermore, it argues that the G20 concept of ‘inclusive growth’ must overcome the challenges prompted by reduced inequalities between countries, growing inequality within countries and the disruptive impact that accompanies technological innovation.
This Working Paper provides a comprehensive and multidisciplinary literature review on the euro v... more This Working Paper provides a comprehensive and multidisciplinary literature review on the euro vs dollar debate. In the first part it presents the euro-optimist and the euro-sceptical hypotheses on the euro’s challenge to the dollar within Economic literature and how current data show how the euro has underperformed vis-a-vis euro-optimistic expectations. In the second part, drawing on the International Economics and International Political Economy (IPE) literature, the paper explains the euro’s political flaws. It shows that a currency can only become the top international currency if there is an active political commitment by the issuing authorities to make it the leading currency. The paper shows how existing IPE literature offers a very accurate picture of the structural conditions of the international monetary system. Where it lacks nuance is in identifying the social impact of the euro. The last part of the paper focuses on these social dimensions. Following a constructivist ...
Revista De Economia Mundial, 2017
One of the more controversial ideas put forward during the Greek debt crisis has been the suggest... more One of the more controversial ideas put forward during the Greek debt crisis has been the suggestion by the German Finance Minister, Wolfgang Schauble, that Greece could temporarily leave the Eurozone for a period of five years. Miguel Otero-Iglesias writes that while the idea itself has been widely criticised, the hard-line taken by Schauble, and the subsequent U-turn by the Greek Prime Minister Alexis Tsipras, has paradoxically reduced any real potential for a Grexit to take place.
The establishment of the euro meant that for the first time in history, the national monetary pol... more The establishment of the euro meant that for the first time in history, the national monetary policy of many European countries became pooled at a transnational level. Miguel Otero-Iglesias writes that a consequence of this is the movement of economic sovereignty towards Berlin and Brussels, and away from the Eurozone’s periphery. He argues that greater economic union combined with a new Eurotreasury, focused on growth and stability, would give more voice to debtor countries and also might help to stem the tide of Euroscepticism that is currently creeping across Europe.
A key legal debate in the context of the Eurozone crisis is whether so called ‘Outright Monetary ... more A key legal debate in the context of the Eurozone crisis is whether so called ‘Outright Monetary Transactions’(OMT), which would allow the European Central Bank (ECB) to buy unlimited numbers of government bonds in secondary markets, are compatible with European law. The latest development in this debate came last week when one of the Advocates General of the European Court of Justice (ECJ), Pedro Cruz Villalon, stated that in principle OMT would be legal under the correct conditions, which include removing the ECB from the ‘troika’ which oversees financial support to Eurozone countries. Miguel Otero Iglesias writes that while the ECJ is not expected to give a full ruling until the autumn, political leaders should be cautious about removing the ECB from the troika without creating a new institution capable of filling its role.
ICE, Revista de Economía, 2019
La crisis financiera global, a la que siguió la crisis del euro, ha puesto de manifiesto las debi... more La crisis financiera global, a la que siguió la crisis del euro, ha puesto de manifiesto las debilidades de la estructura original de la UEM y la incapacidad de la moneda única en su actual diseño de proteger a la zona euro de los shocks monetarios y financieros provenientes de EE UU, así como de plantarle cara al dólar como moneda de reserva global. En primer lugar, este artículo subraya que, más allá de completar el edificio del euro con una unión bancaria completa, una unión fiscal y una serie de reformas institucionales que hagan a la moneda única resiliente y sostenible, es necesario entender por qué la teoría de las áreas monetarias óptimas y su concepción del dinero es claramente insuficiente para explicar los problemas del euro ante la crisis. Hace falta introducir factores de economía política y de poder con mayor claridad. En la segunda parte del artículo analizamos los pasos que deben darse si realmente se pretende avanzar en la internacionalización del euro, algo cada ve...
Journal für Entwicklungspolitik, 2009
Politica Exterior, 2015
La economia mundial se debate entre los riesgos del estancamiento en muchos paises avanzados, cri... more La economia mundial se debate entre los riesgos del estancamiento en muchos paises avanzados, crisis o desaceleracion en algunos emergentes y el impulso que puede suponer la fuerte caida de los precios del petroleo. Lo mas preocupante: el entorno europeo. Una compleja combinacion de luces y sombras para la economia internacional, europea y espanola es el testigo que 2014 ha pasado a 2015. Espana muestra claros sintomas de recuperacion en un entorno europeo preocupante por el bajo crecimiento y el riesgo de deflacion, mientras la economia mundial se debate entre los riesgos de un estancamiento con creciente desigualdad en los paises avanzados que, sin embargo, podrian beneficiarse de una fuerte caida de los precios del petroleo que liberaria recursos para un mayor consumo y una aceleracion del crecimiento. Todo ello con focos de incertidumbre de origen monetario y geopolitico, y con una cada vez mas debil gobernanza economica internacional para hacer frente a los retos derivados de una economia crecientemente multipolar, donde la rivalidad entre grandes potencias se esta haciendo cada vez mas palpable. Un crecimiento mundial debil El Fondo Monetario International (FMI) ha vuelto a reducir sus previsiones de crecimiento para los proximos anos. La directora gerente, Christine Lagarde, incluso ha senalado que existe un elevado riesgo de que la economia global se atasque en una senda de "crecimiento mediocre" con altos niveles de desempleo y deuda. Es el tercer ano consecutivo que el FMI rebaja sus previsiones, lo que demuestra que el legado de la gran recesion sigue pesando. El desapalancamiento de empresas y familias y la falta de inversion actuan como frenos al crecimiento. Incluso las economias mas dinamicas como Estados Unidos y Reino Unido presentan un potencial de crecimiento mas bajo que antes de la crisis. Aun asi, se espera que las economias emergentes crezcan alrededor del cinco por cien, mientras que las avanzadas lo hagan alrededor del dos, lo que dejaria el crecimiento mundial en el entorno del 3,5 por cien pero con riesgos a la baja. El "estancamiento secular" (termino resucitado por Larry Summers y que se ha puesto de moda) es, junto al aumento de la desigualdad, el mayor desafio que tienen las economias desarrolladas, que ven como el apoyo a la globalizacion entre la ciudadania continua cayendo y, consecuentemente, como los movimientos politicos nacionalistas y antisistema ganan adeptos. El mayor temor es que se confirme que tanto en Europa como en EE UU la economia sea incapaz de crecer sin estimulos monetarios continuos, y que dichos estimulos generen burbujas en los mercados de activos que lleven a la inestabilidad y a nuevas crisis
The euro was launched 15 years ago through the Maastricht Treaty, and was expected to make Europe... more The euro was launched 15 years ago through the Maastricht Treaty, and was expected to make Europe stronger economically and more integrated. Although the Delors report in 1989 correctly identified many of the structures needed to make EMU work, the Maastricht design underplayed the importance of labour and product flexibility, and of divergences in competitiveness. For most of its first decade the euro area grew quickly, coinciding with a period of very rapid world growth. However, the global economic and financial crisis that started in 2007 hit Europe hard, exposing serious flaws in its original design. Although the crisis began in the United States, Europe ended up being the worst-affected region. At one point, markets and commentators began to ask serious questions about whether the single currency could survive. Important measures were taken to save the euro, and since 2012 markets have become calmer, as European leaders and policy-makers signalled they were prepared to take to...
Comparative European Politics, 2017
This article analyses the ideational footprint of the euro in regional monetary integration. Upon... more This article analyses the ideational footprint of the euro in regional monetary integration. Upon the basis of over 70 financial elite interviews in China, Brazil and the Gulf Cooperation Council (GCC) countries we find empirical evidence to suggest that EMU triggered considerable symbolic effects in stimulating regional monetary cooperation up to the recent Eurozone crisis. Nonetheless, our analysis coincides with Cohen’s in being sceptical about the possibility of monetary unions in Latin America, the GCC and East Asia. This is partly explained by a lack of sense of community in these regions. However, where we revise Cohen’s work is in the notion that monetary unions require a regional leader. EMU stands out because it is primarily based on the Franco-German partnership (which remains crucial for its survival) and not on Germany’s leadership. This joint leadership is absent in our three case study regions and thus might explain why progress towards monetary union has been limited.
Statelessness in the European Union
7 De facto statelessness in the United Kingdom Caroline Sawyer, Brad K. Blitz and Miguel Otero-Ig... more 7 De facto statelessness in the United Kingdom Caroline Sawyer, Brad K. Blitz and Miguel Otero-Iglesias The United Kingdom: changing statuses in a country of historical immigration The legal context for those without immigration status has changed fundamentally in the ...
The EU, the US and China – Towards a New International Order?
Puede verse bajo: https://www.youtube.com/watch?v=KBH7RPyKv2g
Puede verse bajo: https://www.youtube.com/watch?v=2BDqMfMYxu4
To be seen under: https://www.youtube.com/watch?v=hEerdrmmJ-0
Presentation of my book to the Faculty of Business and Economics, Universität Basel, 25 November ... more Presentation of my book to the Faculty of Business and Economics, Universität Basel, 25 November 2014.
To be seen under: http://www.youtube.com/watch?v=4SI2pUzCnBI
Many scholars have contributed to ongoing debates about the competition between the dollar and th... more Many scholars have contributed to ongoing debates about the competition between the dollar and the euro for global monetary dominance. Few have added as much value as Miguel Otero-Iglesias with his systematic and original survey of the views of financial elites in major emerging market economies. Where conventional interpretations emphasize material "reality," Otero-Iglesias's ideational analysis clearly demonstrates how important it is to consider as well how "reality" is perceived and framed by key actors. The euro may be structurally weak, limiting its "hard" power. But at the cognitive level of "soft" power, Otero-Iglesias suggests, Europe's money poses a significant challenge to America's greenback. This is an argument to be taken seriously.
Benjamin J. Cohen, Louis G. Lancaster Professor of International Political Economy University of California, Santa Barbara, USA.
La zone euro traverse une crise sans précédent depuis sa création. La Banque centrale européenne ... more La zone euro traverse une crise sans précédent depuis sa création. La Banque centrale européenne a été
amenée à prendre des mesures de politiques monétaires dites « non conventionnelles » à partir de 2012.
Les résultats se faisant toujours attendre, des solutions plus radicales ont été proposées (union bancaire,
prêteur en dernier ressort sur le marché secondaire des obligations publiques, assouplissement de la cible
d’inflation) et pour certaines déjà mises en œuvre. La présente recherche analyse précisément ces solutions
au filtre d’une approche institutionnaliste de la monnaie. En s’appuyant sur le courant néo-chartaliste en
particulier, il ressort que les trois solutions n’apportent aucune réponse au défaut souveraineté de la
construction européenne. Une première partie revient sur la construction de l’UEM et les fragilités
originelles de la zone euro. Une deuxième partie présente les solutions radicales et leurs limites.