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But under the draconian conditions of Greece's third cash-for-reforms rescue package, Athens effectively surrendered control over great swaths of economic and social policymaking to its eurozone lenders.
One criticism of the pact is that it makes little sense for countries to limit their fiscal freedom now that they have surrendered control over interest rates and exchange rates within the euro area.
Governments that have exhausted fiscal stimulus generally rely on monetary policy to soften downturns, but euro-area governments have surrendered control over their money supply to the European Central Bank.
"So, we have surrendered control over our own economy.
We surrendered control over the way we interact when we decided we'd use Facebook and text messages, because it's convenient and fun.
We surrendered control over our cars decades ago with electronically controlled fuel injection and timings, with parts we couldn't fix or even reach, because it improves mileage and reliability.
Similar(51)
Under this model, Russian state-owned or controlled companies could obtain the technology without taking the sensitive step of surrendering control over oil reserves to foreigners, a step they would have to take if they worked with a major oil company.
But companies seldom consider the competitive consequences of surrendering control over a key value-creating activity.
After all, if Assad were to abide fully by his agreement with the Arab League, he would effectively surrender control over large, and largely rebellious, swathes of the country.
Those remain a matter for individual states, and no EU member would surrender control over non-EU immigration to a new European commission body today.
When Mexico's Institutional Revolutionary Party ceases to be the world's longest-ruling political party on Dec. 1, it will not only surrender control over the presidency.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com