Cover -- Contents 5 -- Summary 7 -- Preface 9 -- 1. Lessons from the past: Monetary Union 13 -- 1.1 The innovative characteristics of the European unification process 13 -- 1.2 New European statehood tested by the crisis: the beginning of Economic-Monetary Union 17 -- 1.3 Lessons learned from European Monetary Union 20 -- 1.4 The rules of Monetary Union: enhanced cooperation 25 -- 1.5 The rules of Monetary Union: the right of seigniorage and the stability of the currency's value 27 -- 1.6 The rules of Monetary Union: Maastricht and the constraints placed to sovereign debt and to budget deficits 30 -- 2. Future challenges: Economic Union and a Social Market Economy 37 -- 2.1 From Monetary Union to Economic Union: continuity and discontinuity in the unification process 37 -- 2.2 European social market economy 41 -- 2.3 The origins of the social market economy 42 -- 2.4 Relations between the public and private sectors 49 -- 2.5 Social market economy and America's New Deal: two converging neo-liberal visions 53 -- 2.6 Social market economy. An evolving project 57 -- 2.7 Freedom, solidarity, subsidiarity: the three fundamental principles of a social market economy 64 -- 2.8 Social market economy at the dawn of a new humanism 69 -- 2.9 Globalization, post-modernity and radical liberism versus new humanism and a social market economy 73 -- 3. Economic Union and the Problem of Rules 79 -- 3.1 Economic union and the European Union's fundamental constitutional principles 79 -- 3.2 Economic union and the problems posed by regulations 83 -- 3.3 The size of the budget 85 -- 3.4 Balancing the budget. Formal budgets and material consolidated balance sheets 94 -- 3.5 Welfare reform 101 -- 3.6 The multi-level budget and the option of resorting to debt 103 -- 3.7 Financing development: the Tennessee Valley Authority model 112.

3.8 Financing development: the European Investment Bank model 121 -- 3.9 Lesson learned from a failure: the Cassa per il Mezzogiorno (Fund for the South) 128 -- 3.10 Financing development: instruments and rules 135 -- 4. The Atlantic dimension of a social market economy 139 -- 4.1 Centralization versus subsidiarity. A necessary convergence between the United States and the European Union 139 -- 4.2 The evolution of United States statehood: from federalism to centralism to neo-federalism 143 -- 4.3 A historical precedent 150 -- 4.4 The Gramm-Rudman-Hollings Act 153 -- 4.4 The Atlantic social market economy 156 -- References 159.