Sotiropoulos states quite rightly that the euro is not just a currency, but a mechanism: “It has set up a particular form of symbiosis among different capitalist economies.” (Sotiropoulos 2012, 66) But what is the material nature of this “symbiosis among different capitalist economies”? This key issue had already been raised by John Grahl in 2003. He stressed that globalization and the associated process of European integration was not just a political strategy “but also, and even more, the outcome of a deep change in productive structures, of a new phase in the socialization of production”. (Grahl 2003, 19) More