Would a United States of Europe work, economically speaking?

Can centralised monetary policy work in federated states? The grand plan for the EU was to create a United States of Europe – a phrase coined by Sir Winston Churchill directly after the Second World War. In today’s podcast Phil Dobbie talks to Prof. Steve Keen about how central bank’s monetary policies might muddy Churchill’s vision. Is it possible to run a single policy across multiple countries – or federated states like in the US and Australia? Should monetary policy be centralised, even if it cuts across states and countries with their own economic policies and employment conditions?

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