In doing so, I will explore two broad themes. First, I will argue that a single market necessarily has political implications, in which a partial sharing of individual and national sovereignty can be the best means to preserve that sovereignty.
Second, I will explain how the concepts of banking union and a strengthened fiscal setup are supportive of the single market and the single currency. BIS central bankers’ speeches  1  The political implications of a single market To understand the EU and the euro area, it is important to appreciate the difference between a free trade area and a true single market.