IN THE LIGHT AND SHADOW OF THE SINGLE CURRENCY: EUROPEAN IDENTITY AND CITIZENSHIP

摘要: The Single Currency was hailed as a crowning achievement for the European Union when it first started. Many claimed that would serve to enhance citizens’ sense of identity, they began use currency union rather than their member state. Others also saw establishment institutions Currency—with Central Bank in particular—as taking EU higher level integration, and thereby testimony EU’s move toward greater federalism political citizenship. Yet others were sure protect social citizenship, by shielding member-states’ welfare states against inroads globalization while promoting EU-wide solidarity, itself contingent on citizen’s deeper identity. And decade Currency, positive light shed supporters appeared well founded. Even at its inception, however, there those who expressed concerns about potential shadows cast identity social, national European. They wondered whether really grow substantially result existence euro worried Monetary might undermine not only reducing ability have an influence decisions economy, but weakening solidarity embodied without building any significant solidarity. These resurfaced with renewed vigor during economic crisis, so much inception 2008 Eurozone sovereign debt crisis beginning 2010. This is came face what could be seen existential financial markets fearful default attacked one state after another, Greece then Ireland Portugal, requiring loan bailouts guarantees them from default, keep contagion engulfing Spain Italy, ensure whole explosion. As eurozone roiled on, leaders most part backing into earlier questions returned full force. include Europe’s citizens sufficient and, thereby, feel enough support remedies involving costly guarantees; remedies, which impose more technocratic oversight over budgets dictating austerity policies, are reconcilable