A Currency Democratically Shared Among Democracies

  • Maxime Parodi


The trap in the debates about the European Union is to think about democracy at the EU level based on our own national democratic experiences. But the European political space is quite specific: it is composed of a multitude of peoples who are very open to each other, interacting massively together and thus subject to transnational conflicts of interest that need peaceful solutions. Democracy must therefore take a different form to take account of this specificity. The neologism “demoicracy” was developed to insist precisely on this specificity, on the need to democratize relations between multiple democracies.

The single currency poses a particular challenge because it forces us to cooperate politically, which was not necessarily self-evident when everyone had their currency and tried to use it to get an advantage against their neighbours. Henceforth, central institutions like the European Central Bank are needed, but in light of the principle of non-domination, it is also necessary to give the countries a relatively large amount of autonomy by relying more on voluntary cooperation that is aware of externalities and systemic risks than on a central authority lacking legitimacy. The democratization of the EU can be guaranteed only by bringing together several sources of legitimacy, national and European, and getting away from the hierarchical principle as much as possible. The ultimate goal is to find the right institutional arrangement, the one that will best advance the arguments that conform to the demoicratic principle by bringing into our national debates the externalities and systemic risks that the States impose on their neighbours. These are the grounds on which the European Parliament and other means of mobilizing Europe’s citizens can advance democracy.


Euro zone Democracy European governance Democratic deficit Incompleteness of the euro 


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Copyright information

© The Author(s) 2018

Authors and Affiliations

  1. 1.OFCE, Sciences PoParisFrance

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