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Policy-Making in the European Union

Policy-Making in the European Union (8th edn)

Helen Wallace, Mark A. Pollack, Christilla Roederer-Rynning, and Alasdair R. Young
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date: 28 September 2023

p. 1527. Economic and Monetary Union

An Enduring Experiment?locked

p. 1527. Economic and Monetary Union

An Enduring Experiment?locked

  • Dermot Hodson


This chapter examines the role of the economic and monetary union (EMU) in the European Union’s macroeconomic policy-making. As of 2015, nineteen members of the euro area have exchanged national currencies for the euro and delegated responsibility for monetary policy and financial supervision to the European Central Bank (ECB). EMU is a high-stakes experiment in new modes of EU policy-making insofar as the governance of the euro area relies on alternatives to the traditional Community method, including policy coordination, intensive transgovernmentalism, and delegation to de novo bodies. The chapter first provides an overview of the origins of the EMU before discussing the launch of the single currency, the sovereign debt crisis, and economic responses to Covid-19. It also considers variations on the Community method, taking into account the ECB and the European Stability Mechanism.

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