Will the joint exercise of shared responsibilities for an area as pivotal as macroeconomic policy - even if this concerns so far only a sub-group of EU Member States - not inevitably lead to a gradual transfer of competencies to Brussels? Is this what is meant by “political union” - an increasing centralisation of policy decisions? I should think not.
Allow me to give you two examples. First, I would not consider it advisable to centralise employment or social policies at the EU level; rather, decisions should be taken at the national, regional, or even local level to allow for the necessary flexibility to adjust in the context of the specific constraints of the single currency.