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Eurozone Justice

Type of publication Peer-reviewed
Publikationsform Original article (peer-reviewed)
Author Viehoff Juri,
Project The Anatomy of Systemic Financial Risk: Combining Ethical, Political and Economic Dimensions for Public Policy
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Original article (peer-reviewed)

Journal Journal of Political Philosophy
Volume (Issue) 26(3)
Page(s) 388 - 414
Title of proceedings Journal of Political Philosophy
DOI 10.1111/jopp.v26.3


I propose and defend two principles of justice in monetary unions: (1) a principle of robust non‐exploitability and (2) a principle of equitable risk sharing. Robust non‐exploitability requires that the voluntary arrangement between states in monetary matters neither exploits any state nor foreseeably creates conditions of vulnerability likely to engender exploitation by other agents (states, creditors, banks, and so on). The non‐exploitability requirement is a sine qua non of a just monetary union, because exploitation undercuts the arrangement’s voluntary and cooperative character. But non‐exploitability is not sufficient. The second principle requires states to share equitably the risks that arise from monetary union: given the risks from monetary cooperation that each state foreseeably faces in light of its economic structure, the expected burdens and benefits must be fairly distributed, taking into account the role of states’ choices in creating risk. So the first principle ensures the free and voluntary character of supranational monetary arrangements, whilst the second principle mandates a fair distribution of burdens and benefits. Together they give content to the idea that the Eurozone (and similar projects) are cooperative enterprises amongst free and equal state agents.