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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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Concluding Remarks

Concluding Remarks

(p.229) Concluding Remarks
A Contemporary Concept of Monetary Sovereignty

Claus D. Zimmerman

Oxford University Press

This general conclusion summarizes the key findings of each chapter most of which are applicable to the concept of sovereignty in general and inform our understanding of what it means to be sovereign under evolving economic circumstances. The conclusion realistically acknowledges that the economic constraints pushing state leaders to exercise the sovereign powers in the realm of money as truly cooperative sovereignty may be felt less violently as the recovery of the world economy gains pace. Overall, it emerges that the acceptance of legal constraints on formerly exclusive state competences does not ring the death knell for a state’s monetary sovereignty. Rather, by renouncing the unfettered exercise of certain sovereign powers states can reassert their monetary sovereignty under the special form of cooperative sovereignty, regaining together a margin of manoeuvre with respect to sovereign powers whose isolated exercise had previously become increasingly ineffective and illusory under the impact of economic globalization and financial integration.

Keywords:   Sovereignty, evolving economic circumstances, economic constraints, state competences, cooperative sovereignty, economic globalization

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