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A Contemporary Concept of Monetary Sovereignty$
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Claus D. Zimmermann

Print publication date: 2013

Print ISBN-13: 9780199680740

Published to Oxford Scholarship Online: January 2014

DOI: 10.1093/acprof:oso/9780199680740.001.0001

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The Increasing Regionalization of Monetary Sovereignty

The Increasing Regionalization of Monetary Sovereignty

(p.143) 4 The Increasing Regionalization of Monetary Sovereignty
A Contemporary Concept of Monetary Sovereignty

Claus D. Zimmerman

Oxford University Press

This chapter examines a phenomenon which it seems appropriate to refer to as the increasing regionalization of monetary sovereignty, ie the joint exercise of monetary sovereignty in a monetary union under the special form of cooperative sovereignty. Since the onset of economic globalization in the 1960s, a large number of states around the world have sought increasingly strong economic integration and have embarked on paths towards creating monetary unions, eventually adopting a common currency, and thereby renouncing their right to conduct independent monetary policies. After considering the economic rationale and key legal characteristics of the increasing regionalization of monetary sovereignty around the globe, this chapter looks into the adaptation of the European Union’s legal framework to the increasing impact of domestic economic and fiscal policies on regional economic stability and analyses several overarching legal and conceptual challenges exposed by the ongoing European sovereign debt crisis.

Keywords:   Regionalization of monetary sovereignty, cooperative sovereignty, economic integration, monetary policy, monetary union, common currency, European sovereign debt crisis, fiscal policies, regional economic stability

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