THE EUROPEAN MONETARY INTEGRATION TRAP: INCOMPLETE SOVEREIGNTY AND THE STATE-MIMICKING METHOD

The author identifies the two main (external and internal) dimensions of incomplete sovereignty in EMU respective caveats affecting scope single monetary policy, here described as a ‘monetary policy integration trap’. details implications caused by this curtailed both its external internal – e.g. on one hand, polarisation positions and, other effects limited European fiscal/budgetary atypical interaction between latter policy. Finally, way E(M)U has recent years addressed trap is analysed, making use heterodox method labelled ‘State-mimicking’ method. conclusion that such possible yet imperfect solution to bypass trap, given E(M)U’s ontological ambiguities - quasi-State afraid become one.