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Stateless Money and Political Sovereignty

Researcher: Professor Werner Bonefeld

Funder: Leverhulme Research Fellowship

Since the start of the Euro Crisis there has been an abundance of literature that identifies an ordoliberal Europe with the politics of austerity. This literature is confronted by the paradox that the Euro is a stateless currency.

Ordoliberalism holds that economic orders are politically constituted and sustained. This project contends that the exploration of ordoliberal principles of economic constitution and Ordnungspolitik uncovers the crucial role of the member states in monetary union. As such, what monetary union integrates is, ultimately, the role of the state in establishing and sustaining a framework for the domestic conduct of economic activity.