The nowadays' debates around the future of the European Union seem to renew to 1950s and 1960s theoretical disputes, which used to divide Europe's financial experts with relation to how economic convergence could be better achieved. Since the monetary union and the introduction of the single euro currency did not prove to be a prerequisite for the long-term and sustained maintenance of internal stability in Europe, it seems that we are now on our way to reconsider the possibilities for the implementation of an improved European Political Union. And this will most probably require the further 'transfer of national sovereignty' * in cases where weaker EU Members' balance of payments deficits become problematic.
The question here is: where are we going to transfer the European Union Sovereignty? Are we going to maintain it and save it within Europe, or we are going to use the newly elaborated transmission mechanisms and sell it out somewhere else?
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* ECBA. Holtrop, Blessing statements. Committee of EEC Central Bank Governors, Basle, 12 October 1964.
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