The global economic and financial crisis exposed shortcomings in the economic governance and budgetary surveillance in
the European Union (EU). When Economic and Monetary Union (EMU) was adopted in the EU, Monetary Union was achieved by the establishment of the euro as the single currency and the creation of the independent European Central Bank (ECB) to set a single monetary policy. However, Economic Union was left in a much less developed and formalised position. Economic and budgetary policies were left in the hands of the individual Member States, with a relat
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