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date: 26 June 2022

Abstract and Keywords

This chapter highlights the main characteristics of economic and monetary union, one of the core policy fields of the European Union, the several stages of its metamorphosis and the main legal problems involved, as well as the challenges of today’s system of economic policy coordination that need to be addressed in the future. Special attention is paid to the new economic governance framework that emerged from the European financial and euro area debt crisis, including: the so-called six pack and two pack; the treaty on stability, coordination and governance (fiscal compact); the European stability mechanism; and the role of the European Central Bank in crisis management. The single resolution mechanism as the main feature of the Banking Union is also discussed.

Keywords: EMU, Euro, euro area, economic coordination, monetary policy, European Central Bank, six pack, two pack, fiscal compact, ESM Treaty, stability pact, debt crisis

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