The leaders of continental Europe would indeed plough relentlessly ahead with monetary union, so that by the beginning of 1999 the euro – a single European currency managed by an authentically federal European Central Bank – was a reality. In doing so, they revealed their indestructible faith in the power of hierarchical structures even in an age of exponential network growth.
The leaders of European nations pursued the establishment of a monetary union with determination, culminating in the launch of the euro in early 1999. This unified currency was overseen by a genuinely federal European Central Bank, showcasing a significant step towards financial integration. The action underscored their unwavering belief in structured hierarchies, emphasizing their commitment to traditional governance principles amid the rapidly evolving landscape of interconnected networks.
Niall Ferguson's analysis in "The Square and the Tower" highlights this contrast between old hierarchies and modern networks. Despite the shift toward digital and decentralized systems, European leaders chose to reinforce centralized financial authority, reflecting their conviction in the stability and order that such structures provide, even as technological innovations change the world around them.
