The problem is there isn’t actually centralisation on the global level, let alone harmonisation. Fiscal policies don’t work if there is no political streamlining. There is no such streamlining if there isn’t any grassroots and political will.
I’m speaking from the EU experience. The euro isn’t really causing problems. The difference is that the European Central Bank is regulated than IMF.
Yes, I understand that. I’m addressing the effects that centralizing monetary power globally can have.
The problem is there isn’t actually centralisation on the global level, let alone harmonisation. Fiscal policies don’t work if there is no political streamlining. There is no such streamlining if there isn’t any grassroots and political will.
I’m speaking from the EU experience. The euro isn’t really causing problems. The difference is that the European Central Bank is regulated than IMF.