Economic government = trade barriers imposed from above
It's a shame that most of the diavlog was lost.
I think I share Arash's train of thought. The question arises what exactly the proposed "european economic government" is supposed to do, in order correct for the problems that come with a common currency.
In addition to a transfer union, there would have to be the equivalent of tariffs, and capital controls, just imposed from above. This would completely contradict the legitimizing ideology of free trade, but institutions are quite flexible to ditch their ideology in favor of a new one, if it preserves or increases their power.
So I wouldn't be surprised, if the EU commission would dictate import or export quotas (between EU nations), prices and wages in the future. There is even precedent in the form of the EU's bizzare common agricultural policy.
This is, how it might turn out, even though the elites seem currently to be unaware of the implications of the political direction they are pushing for.