Abstract
It is generally accepted that European Economic and Monetary Union (EMU) involved a transfer of some sovereignty from Member States to the central organs of the European Union (EU). The various aspects of EMU and of sovereignty are considered in detail in this paper. EMU can be considered both as an aspect of the European Community’s continued progress towards a common market as well as a stand-alone integration project. EMU encompasses the single currency, common monetary policy, establishment of the European Central Bank (ECB) and the implementation of a single payment area Europe-wide. This paper examines to what extent the implementation of each of the three elements of EMU have involved the transfer of sovereignty. It does this in particular by comparing the experience of the United Kingdom and Germany.
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