Economic and Monetary Union: Evolution and Conflict

Abstract

‘Economic and Monetary Union: Evolution and Conflict’ provides a critical account of the evolution of the European Union’s Economic and Monetary Union (EMU), with a special focus on changes and reforms adopted since the euro area crisis. The chapter provides an overview and analysis of, first, the history and principles underlying the original EMU; second, the most important reforms adopted in order to address the euro area sovereign debt crisis; and third, the ongoing questions in the debate. The chapter will conclude by discussing the ways in which the basic principles and assumptions underlying the original EMU have had to evolve, and the fundamental disagreements that underpin the current debate on the future of EMU.