--- title: "Meaning & Key Takeaway of: Political union means transferring the…" description: "\"Political union means transferring the prerogatives of national legislatures to the European parliament, which would then decide how to structure Europ..." image: "https://sms4smile.com/quotes/i/4a2/barry-eichengreen-37266_banking_political-union-means-transferring-the-p_606310.jpg" --- # Political union means transferring the prerogatives of… ![“Political union means transferring the prerogatives of national legislatures to the European parliament, which would then decide how to structure Europe's fiscal, banking, and monetary union.” quote by Barry Eichengreen](https://sms4smile.com/quotes/i/4a2/barry-eichengreen-37266_banking_political-union-means-transferring-the-p_606310.jpg) [Download](https://sms4smile.com/quotes/i/4a2/barry-eichengreen-37266_banking_political-union-means-transferring-the-p_606310.jpg) [Open image](https://sms4smile.com/quotes/i/4a2/barry-eichengreen-37266_banking_political-union-means-transferring-the-p_606310.jpg) > “Political union means transferring the prerogatives of national legislatures to the European parliament, which would then decide how to structure Europe's fiscal, banking, and monetary union.” [Barry Eichengreen](https://sms4smile.com/quotes/author/barry-eichengreen/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Political union transfers national legislative powers to the EU parliament, shaping fiscal, banking, and monetary policy. **In simple terms:** EU centralizes policy decisions. Key Takeaway Consider implications of deeper integration. Themes politics economics EU sovereignty Mood analytical critical Type academic policy When to use this quote - budget negotiations - bank regulation - currency coordination Key Concepts fiscal policy banking union monetary union Questions to Reflect On - What benefits outweigh loss of autonomy? - How can democratic legitimacy be preserved? A Different Perspective National interests may resist ceding power. ★ ★ ★ ★ ★ No ratings yet [Banking](https://sms4smile.com/quotes/about/banking/) [Europe](https://sms4smile.com/quotes/about/europe/) [European Parliament](https://sms4smile.com/quotes/about/european-parliament-1113692/) [Legislature](https://sms4smile.com/quotes/about/legislature/) [Legislatures European](https://sms4smile.com/quotes/about/legislatures-european-4932380/) [Mean](https://sms4smile.com/quotes/about/mean/) [Monetary](https://sms4smile.com/quotes/about/monetary/) [Monetary Union](https://sms4smile.com/quotes/about/monetary-union-474114/) [Parliament](https://sms4smile.com/quotes/about/parliament/) [Political](https://sms4smile.com/quotes/about/political/) [Political Union](https://sms4smile.com/quotes/about/political-union-2067200/) [Politics](https://sms4smile.com/quotes/about/politics/) [Structure](https://sms4smile.com/quotes/about/structure/) [Structure Europe](https://sms4smile.com/quotes/about/structure-europe-4077187/) [Unions](https://sms4smile.com/quotes/about/unions/) ## Related quotes > [After choosing monetary union, further political union and workable governance in Europe was always going to be necessary.](https://sms4smile.com/quotes/najib-razak/after-choosing-monetary-union-further-political-union-and-workable/) [Najib Razak](https://sms4smile.com/quotes/author/najib-razak/) > [If this Constitution does not have the support of the people of Europe and on reflection is not deemed to signpost a structure of…](https://sms4smile.com/quotes/gisela-stuart/if-this-constitution-does-not-have-the-support-of-the-people-of/) [Gisela Stuart](https://sms4smile.com/quotes/author/gisela-stuart/) > [The euro is a sickly premature infant, the result of an over-hasty monetary union.](https://sms4smile.com/quotes/gerhard-schroder/the-euro-is-a-sickly-premature-infant-the-result-of-an-over-hasty/) [Gerhard Schroder](https://sms4smile.com/quotes/author/gerhard-schroder/) > [For my generation, the monetary union has always been about forging peace.](https://sms4smile.com/quotes/jean-claude-juncker/for-my-generation-the-monetary-union-has-always-been-about-forging/) [Jean-Claude Juncker](https://sms4smile.com/quotes/author/jean-claude-juncker/) > [There is a proposal to divide the currency zone into a north and a south euro. There is also the idea of setting up…](https://sms4smile.com/quotes/jean-claude-juncker/there-is-a-proposal-to-divide-the-currency-zone-into-a-north-and-a/) [Jean-Claude Juncker](https://sms4smile.com/quotes/author/jean-claude-juncker/) > [Giving Northern Europe a veto over Southern Europe's budgets will not hold a monetary union together. The euro zone will continue to need the…](https://sms4smile.com/quotes/austan-goolsbee/giving-northern-europe-a-veto-over-southern-europe-s-budgets-will-not/) [Austan Goolsbee](https://sms4smile.com/quotes/author/austan-goolsbee/) > [The euro is a vital issue for Germany. There is no other country that derives as much benefit from the common domestic market and…](https://sms4smile.com/quotes/peer-steinbruck/the-euro-is-a-vital-issue-for-germany-there-is-no-other-country-that/) [Peer Steinbruck](https://sms4smile.com/quotes/author/peer-steinbruck/) > [It is obvious that the monetary union among 17 very different European countries does not work. As an economist, I know that the Eurozone…](https://sms4smile.com/quotes/vaclav-klaus/it-is-obvious-that-the-monetary-union-among-17-very-different/) [Vaclav Klaus](https://sms4smile.com/quotes/author/vaclav-klaus/) > [I'm a firm believer in the monetary union.](https://sms4smile.com/quotes/wolfgang-schauble/i-m-a-firm-believer-in-the-monetary-union/) [Wolfgang Schauble](https://sms4smile.com/quotes/author/wolfgang-schauble/) > [We already have a federation. The 11, soon to be 12, member States adopting the euro have already given up part of their sovereignty,…](https://sms4smile.com/quotes/joschka-fischer/we-already-have-a-federation-the-11-soon-to-be-12-member-states/) [Joschka Fischer](https://sms4smile.com/quotes/author/joschka-fischer/) > [The economic union - creating a big common market, like the United States, so that you can compete across borders. There are common rules,…](https://sms4smile.com/quotes/jamie-dimon/the-economic-union-creating-a-big-common-market-like-the-united/) [Jamie Dimon](https://sms4smile.com/quotes/author/jamie-dimon/) > [The goal of European unification can only be achieved if everyone participates, perhaps with exceptions in some areas. Not all countries are part of…](https://sms4smile.com/quotes/wolfgang-schauble/the-goal-of-european-unification-can-only-be-achieved-if-everyone/) [Wolfgang Schauble](https://sms4smile.com/quotes/author/wolfgang-schauble/) > [I'm convinced that, in the long term, a monetary union includes a joint debt policy under strict, mutually agreed upon conditions.](https://sms4smile.com/quotes/jean-claude-juncker/i-m-convinced-that-in-the-long-term-a-monetary-union-includes-a-joint/) [Jean-Claude Juncker](https://sms4smile.com/quotes/author/jean-claude-juncker/) > [To the best of my knowledge, there has never been a monetary union, putting out a fiat currency, composed of independent states.](https://sms4smile.com/quotes/milton-friedman/to-the-best-of-my-knowledge-there-has-never-been-a-monetary-union/) [Milton Friedman](https://sms4smile.com/quotes/author/milton-friedman/) > [The EU might have become a large federal nation. But they would have had to do things differently. Number one, they would've had to…](https://sms4smile.com/quotes/martha-c-nussbaum/the-eu-might-have-become-a-large-federal-nation-but-they-would-have/) [Martha C. Nussbaum](https://sms4smile.com/quotes/author/martha-c-nussbaum/) ## More by Barry Eichengreen > [While holding the eurozone together will be costly and difficult and painful for the politicians, breaking it up will be even more costly and…](https://sms4smile.com/quotes/barry-eichengreen/while-holding-the-eurozone-together-will-be-costly-and-difficult-and/) [Barry Eichengreen](https://sms4smile.com/quotes/author/barry-eichengreen/) > [As for the single market, the E.U.'s landmark achievement, there is no question that a euro zone breakup would severely disrupt its operation in…](https://sms4smile.com/quotes/barry-eichengreen/as-for-the-single-market-the-e-u-s-landmark-achievement-there-is-no/) [Barry Eichengreen](https://sms4smile.com/quotes/author/barry-eichengreen/) > [Why was there so much work-sharing in the 1930s? One reason is that government pushed for it. In his memoirs, President Herbert Hoover estimated…](https://sms4smile.com/quotes/barry-eichengreen/why-was-there-so-much-work-sharing-in-the-1930s-one-reason-is-that/) [Barry Eichengreen](https://sms4smile.com/quotes/author/barry-eichengreen/) > [The consequences of a collapse would not be pretty. Whichever country precipitated it - Germany by threatening to abandon the euro, or Greece or…](https://sms4smile.com/quotes/barry-eichengreen/the-consequences-of-a-collapse-would-not-be-pretty-whichever-country/) [Barry Eichengreen](https://sms4smile.com/quotes/author/barry-eichengreen/) > [Southern Europe has not done enough to enhance its competitiveness, while northern Europe has not done enough to boost demand. Debt burdens remain crushing,…](https://sms4smile.com/quotes/barry-eichengreen/southern-europe-has-not-done-enough-to-enhance-its-competitiveness/) [Barry Eichengreen](https://sms4smile.com/quotes/author/barry-eichengreen/) > [Across the continent, political divisions are deepening. For all of these reasons, the specter of a euro zone collapse has not been dispatched.](https://sms4smile.com/quotes/barry-eichengreen/across-the-continent-political-divisions-are-deepening-for-all-of/) [Barry Eichengreen](https://sms4smile.com/quotes/author/barry-eichengreen/) > [For those unfortunate enough to experience it, long-term unemployment - now, as in the 1930s - is a tragedy. And, for society as a…](https://sms4smile.com/quotes/barry-eichengreen/for-those-unfortunate-enough-to-experience-it-long-term-unemployment/) [Barry Eichengreen](https://sms4smile.com/quotes/author/barry-eichengreen/) > [More than the Big Mac, Coca Cola, or Levi's 501 jeans, the dollar is surely the United States' signature export.](https://sms4smile.com/quotes/barry-eichengreen/more-than-the-big-mac-coca-cola-or-levi-s-501-jeans-the-dollar-is/) [Barry Eichengreen](https://sms4smile.com/quotes/author/barry-eichengreen/) > [Every day it seems more likely that we are destined - or should one say doomed? - to replay the disastrous economic history of…](https://sms4smile.com/quotes/barry-eichengreen/every-day-it-seems-more-likely-that-we-are-destined-or-should-one-say/) [Barry Eichengreen](https://sms4smile.com/quotes/author/barry-eichengreen/) > [The 24% unemployment reached at the depths of the Great Depression was no picnic.](https://sms4smile.com/quotes/barry-eichengreen/the-24-unemployment-reached-at-the-depths-of-the-great-depression-was/) [Barry Eichengreen](https://sms4smile.com/quotes/author/barry-eichengreen/) > [The 1992 crisis proved that the existing system was unstable. Not moving forward to the euro would have set up Europe for even more…](https://sms4smile.com/quotes/barry-eichengreen/the-1992-crisis-proved-that-the-existing-system-was-unstable-not/) [Barry Eichengreen](https://sms4smile.com/quotes/author/barry-eichengreen/) [Explore all 12 Barry Eichengreen quotes ](https://sms4smile.com/quotes/author/barry-eichengreen/) ## More Banking quotes > [If I could wave a magic wand, I'd break up the banking system.](https://sms4smile.com/quotes/kenneth-c-griffin/if-i-could-wave-a-magic-wand-i-d-break-up-the-banking-system/) [Kenneth C. Griffin](https://sms4smile.com/quotes/author/kenneth-c-griffin/) > [Historically, usury was defined as any interest whatever on an unproductive loan.Our whole banking system I have ever abhorred, I continue to abhor, and…](https://sms4smile.com/quotes/john-adams/historically-usury-was-defined-as-any-interest-whatever-on-an/) [John Adams](https://sms4smile.com/quotes/author/john-adams/) > [I am alive. Up here with the song of the engine and the air whispering on my face as the sunlight and shadows play…](https://sms4smile.com/quotes/stephen-coonts/i-am-alive-up-here-with-the-song-of-the-engine-and-the-air-whispering/) [Stephen Coonts](https://sms4smile.com/quotes/author/stephen-coonts/) > [It's not that I have any general aversion to technology but online banking just seems to be asking for trouble. You can have enough…](https://sms4smile.com/quotes/david-essex/it-s-not-that-i-have-any-general-aversion-to-technology-but-online/) [David Essex](https://sms4smile.com/quotes/author/david-essex/) > [When a government is dependent upon bankers for money, they and not the leaders of the government control the situation](https://sms4smile.com/quotes/napoleon-bonaparte/when-a-government-is-dependent-upon-bankers-for-money-they-and-not/) [Napoleon Bonaparte](https://sms4smile.com/quotes/author/napoleon-bonaparte/) > [“Suckers think that you cure greed with money, addiction with substances, expert problems with experts, banking with bankers, economics with economists, and debt crises…](https://sms4smile.com/quotes/nassim-nicholas-taleb/suckers-think-that-you-cure-greed-with-money-addiction-with/) [Nassim Nicholas Taleb](https://sms4smile.com/quotes/author/nassim-nicholas-taleb/) > [My father was in real estate, banking, and land management. As family life, it was very conventional, happy, and comfortable. We weren't wealthy, but…](https://sms4smile.com/quotes/julia-child/my-father-was-in-real-estate-banking-and-land-management-as-family/) [Julia Child](https://sms4smile.com/quotes/author/julia-child/) > [I only know one thing: Everything I learned about the banking business, I learned in the banking towers of the Societe.](https://sms4smile.com/quotes/jerome-kerviel/i-only-know-one-thing-everything-i-learned-about-the-banking-business/) [Jerome Kerviel](https://sms4smile.com/quotes/author/jerome-kerviel/) > [I have nothing against investment banking, but it's like massaging money rather than creating money.](https://sms4smile.com/quotes/michio-kaku/i-have-nothing-against-investment-banking-but-it-s-like-massaging/) [Michio Kaku](https://sms4smile.com/quotes/author/michio-kaku/) > [If you've taken Econ 101, you know that the quantity of money rises only when the banking system makes a net loan.](https://sms4smile.com/quotes/kenneth-fisher/if-you-ve-taken-econ-101-you-know-that-the-quantity-of-money-rises/) [Kenneth Fisher](https://sms4smile.com/quotes/author/kenneth-fisher/) > [I want the best people, not just on the banking side but on innovation and technology.](https://sms4smile.com/quotes/ana-patricia-botin/i-want-the-best-people-not-just-on-the-banking-side-but-on-innovation/) [Ana Patricia Botin](https://sms4smile.com/quotes/author/ana-patricia-botin/) > [“Intellectually and compassionately explaining the reason freedom works is required for credibility.”](https://sms4smile.com/quotes/ron-paul/intellectually-and-compassionately-explaining-the-reason-freedom/) [Ron Paul](https://sms4smile.com/quotes/author/ron-paul/) > [With post offices and postal workers already on the ground, USPS could partner with banks to make a critical difference for millions of Americans…](https://sms4smile.com/quotes/elizabeth-warren/with-post-offices-and-postal-workers-already-on-the-ground-usps-could/) [Elizabeth Warren](https://sms4smile.com/quotes/author/elizabeth-warren/) > [A banking system is an act of faith: it survives only for as long as people believe it will.](https://sms4smile.com/quotes/michael-lewis/a-banking-system-is-an-act-of-faith-it-survives-only-for-as-long-as/) [Michael Lewis](https://sms4smile.com/quotes/author/michael-lewis/) > [For my own part, I did not see and did not appreciate what the risks were with securitization, the credit ratings agencies, the shadow…](https://sms4smile.com/quotes/janet-yellen/for-my-own-part-i-did-not-see-and-did-not-appreciate-what-the-risks/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) [Browse all 571 Banking quotes ](https://sms4smile.com/quotes/about/banking/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "Political union means 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