Money is the Exchange: From Media Theory to the Governance of Monetary Pluralism in the EU

Abstract This article deals with the future of money regulation in the EU. Its originality lies in applying media theory to frame a governance model that recognises and fosters an evolving social ontology of plural monetary practices. For this purpose, the study starts from the description of money as ‘market language’ and the acknowledgement of the co-existence of different (digital and non-digital; public and private) monetary practices as a de facto reality in the EU. Embracing an ontology-sensitive approach, the article argues that the principle of subsidiarity can help shaping the future of EU money regulation by promoting a sound ‘conversation’ between the specific identities of these different ‘market languages.’