Today, national governments are not able to fully exercise their sovereignty alone, whether sovereignty is defined normatively, à la Jean Bodin, in terms of inalienable rights, such as to declare war and treat the conditions of the peace, to judge in last resort, to raise taxes and to mint money; or whether it is defined positively, à la John Locke, in terms of a fiduciary power to act for certain ends.
Individually, national governments are simply not powerful enough. To serve their purpose, they have to learn to govern together; they have to learn to be sovereign together so as to respond to their citizens’ needs. Those needs today are growth and job creation. 6  BIS central bankers’ speeches