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Federalism

A Political Theory for Our Time

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Edited By Lucio Levi, Giampiero Bordino and Antonio Mosconi

This volume is a collection of essays published between 1999 and 2015 in the review The Federalist Debate. The book highlights the issue of federalism intended as a theoretical paradigm to interpret the major problems of our age, and in particular the issues of peace and war in a world characterized by an uncontrolled globalization.

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Europe Needs to Renew its Vows for Federal Union

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Guy VERHOFSTADT

Euro-sceptics are shamelessly exploiting the current economic crisis to misrepresent and undermine the European Union, its history, its institutions, its goals and its working methods. Like a marital union, the EU requires constant attention, support and belief that it can work in difficult as well as good times or else it risks separation and divorce. It is time now for a renewal of vows; to recommit to a federal union that is more stable, more efficient and more accountable.

The economic and financial crisis has showed up the key weaknesses in economic governance at EU level where a monetary policy was introduced without a parallel fiscal policy. Unlike other global currencies like the dollar or yen, the Euro still depends on 17 different economic strategies and bond markets, no common treasury, no common debt issuance and no common banking supervisor. This explains, to a large extent, why the bond markets extort far higher interest rates from Eurozone countries than from the US or Japan despite lower levels of public debt. Some of these lacunae are currently being addressed but progress is painfully slow and consensus on a common vision remains as elusive as ever.

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