Chapter 46: The European Economic and Monetary Union

Leila Simona Talani

The European Economic and Monetary Union This chapter addresses the issues relating to the past, present, and future of the European Monetary Union (EMU), focusing on the way in which the main socioeconomic sectors within the most important European Union (EU) member states have used the process of European monetary integration to enhance their competitive position not only in the European arena but also in the global context. This chapter will studyinahistorical perspective the phases leading to the establishment of the currency union, the present working of the European Central Bank (ECB) and the Stability and Growth Pact (SGP), and the future of the EMU. EMU shall be read as a major institutional undertaking whose economic outcomes are not only constrained but also defined by its institutional framework. This is to say that the economic consequences of EMU are specific to the way in which this particular currency union has ...

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