This paper argues that monetary union 'ins', 'outs' and 'pre-ins' are all in a position to arbitrarily dominate one another. The only way of overcoming this problem is to align the management of positive and externalities between the three categories of member states with an understanding of the obligations they owe one another and their own publics under circumstances where all are members of the European Union but not all are members of its monetary union. The paper proposes a further development of the normative and analytic framework developed in previous works and a broader application of that framework - to monetary union, and not just banking union.
