The Capital Markets Union (CMU) is a flagship project of the European Commission that promotes a deepening of the financial markets. It aims at opening up new sources of funding for SMEs, as well as improving the matching between savers and borrowers. Additionally, CMU is supposed to increase...

While the arrival of the Euro is one of the most eminent events in Western Europe's post-war history, most social science theories take a rather narrow view on technical procedures of introducing a common currency. The literature on 'optimum currency areas', functionalist integration theories...