Oh come on Brian, ask him if he’s read the white paper.
Then ask him if the ECB is centralized Or decentralized.
Then ask him about French monetary sovereignty.
“The actual tradeoff: neutrality buys you credibility and freedom from political capture, at the cost of adjustment flexibility. Federation buys you flexibility, at the cost of requiring political trust/coordination that’s fragile under stress — the euro’s flaw isn’t federation per se, it’s that it federated monetary policy without fiscal or banking union to match, which the 2010s crisis exposed”