Towards supranational monetary sovereignty? Why a national approach to macroeconomic governance is no longer fit for purpose

Hakemuksen tiivistelmä

In the proposed postdoctoral project, I seek to convert my recent doctoral dissertation "From Monetary Sovereignty to Macroeconomic Policy Autonomy? Examining Promises, Limitations, and Reform Possibilities of a Nation-State-Centric Macroeconomic Governance Architecture" into a peer-reviewed book. In the dissertation, I argued that while national exercise of monetary sovereignty can contribute to state autonomy, various globalization-related constraints impose a range of subtler obstacles and strategic incentives that apply especially to small currency-issuing states. For this and related reasons, I made a case for a supranational exercise of monetary sovereignty and went on to discuss ways in which this could be realized in practice. Why should the dissertation be turned into a book? First, the dissertation was found to be of exceptional quality. It passed with distinction and received rare praise from the members of the grading committee. Already well before it was completed, the Department of Economics and Management of the University of Pavia awarded the dissertation a PhD Thesis Prize. Second, its argument has broad social relevance. For instance, the dissertation offers insights on the burning debates on whether the EU should issue common debt, in which ways the financial position of the developing countries struggling with dollar denominated debts might be improved, and how an urgently needed Global Green New Deal could be financed. These are paramount questions that concern the future of the EU, the geopolitical orientation of the Global South, and the fate of the entire civilization, respectively. In sum, the proposed book could make a great impact on both academic and broader social debates.