On 1 January 1999, a monetary union was established within the European Union. Monetary policy would be controlled by an EU body, whilst all other areas of economic policy would merely be coordinated by the Member States.
European institutions are developing mechanisms to shape and determine the orientation of the economic policies of individual Member States, especially those in the eurozone and those experiencing financial difficulties.
On 1 January 1999, a monetary union was established within the European Union. Under the new union, those Member States that met certain monetary criteria and so wished could begin to share a common monetary policy, designed and directed by the European Central Bank, as well as a new currency, the euro, which would replace their former national currencies. The monetary union was launched with a very small European budget and without any prior harmonisation of the participating economies. Monetary policy would be controlled by an EU body, whilst all other areas of economic policy would merely be coordinated by the Member States.
The current situation seems to indicate that greater economic and political integration is required for the monetary union to operate properly. European institutions are developing mechanisms to shape and determine the orientation of the economic policies of individual Member States, especially those in the eurozone and those experiencing financial difficulties. It seems plausible that when the crisis is over, the economic policies of European countries will be more integrated, and the European Union will have the necessary instruments – hopefully, efficient ones – to govern the economic decisions of its Member States.
Coordinator: Olesti, Andreu
Publisher: Marcial Pons, Ediciones Jurídicas y Sociales, S.A.
Published: 2013
Collection: Tribuna Internacional
No. of pages: 212
Language: Spanish
E-Secretaria
Campus Virtual (Másteres)
Moodle