Central banks and the political ontology of money in Europe

This article provides an in-depth analysis of the transformation of European central banking, which in the face of crises is shifting its focus from simple inflation control to the active management of systemic fragility. The authors examine the political ontology of money, arguing that in the European Union, it has become a key institution of collective stability rather than a mere market tool of exchange. The text details the Eurosystem's operational mechanisms, such as the Transmission Protection Instrument (TPI), and the principle of monetary unity, which are intended to prevent financial market fragmentation. This is an important contribution to the debate on monetary sovereignty, the ECB's role as dealer of last resort, and the future of eurozone integration in the context of digital money.