ABSTRACT
The current version of 'globalization' is of course different from the 1950's concept because it aims at opening the countries economies and at integrating the economic activities of the nations while leaving them essentially 'sovereign'. The idea of a United Europe, that its creators had, in decade of 1950s and in later years, was more radical and reflected the spirit of time. The member states would necessarily endorse a common trade policy, vis-a-vis the rest of the world. They would allow free movements of goods, capital and people within the Union. The European Monetary Union (EMU) adopted a no-bailout rule from the beginning. It also tried to impose some limits to borrowing by member states, through Maastricht Treaty and through rules imposed on European Central Bank (ECB), which prevented it from lending directly to government. The EMU is still developing institutions and norms that in time should transform it into a real federation, with a federation-wide budget and fiscal policy.
