Thus, I would see merits in initiating, as a one-off, a new convergence process within the euro area – one which ensures that all countries are truly in a position to benefit from membership, and that none cause harm to another.
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.