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The only viable options are to dismantle the monetary union or create the federal institutions necessary to perform those tasks. If the latter is politically unpalatable, the former will happen - voluntarily or messily, but it will happen. Because there are quite good reasons for sovereigns to exist, and those reasons don't go away just because you legislate neoliberal fantasies that assume away all the reasons for sovereigns to exist.
- Jake Friends come and go. Enemies accumulate.
Monetary union means the loss of sovereignty, because the state is no longer definitionally solvent and can thus not engage in a number of tasks conventionally considered a requirement for sovereignty (such as domestic macroeconomic planning).
deposit insurance for banks granting limited liability to businesses disaster relief access to health care access to education access to legal redress public safety
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