One striking example of such éngrenage is Economic and Monetary Union.

For example, the need to adapt the operation of the European Central Bank to a policy of development for Europe, as laid out by the Ecofin Council, is already apparent. The EMU is evidence of that.

The EMU is evidence of that.

The EU s Economic and Monetary Union was a means to an end, not an end in itself.

On the contrary, Europe s Economic and Monetary Union is proving a major asset in these tumultuous times.

The eurozone should solidify its currency union.

Finally, Europe s monetary union remains incomplete.

CAMBRIDGE The European Economic and Monetary Union (EMU) and the euro are about to celebrate their tenth anniversary.

The EMU is now the world s largest market, and continues to grow.

Nation states and a monetary union do not sit well together.

He was convinced that monetary union in Europe was doomed to fail.

SAINT PIERRE D ENTREMONT, FRANCE European Monetary Union was never a good idea.

For this, the Europe Union and especially the International Monetary Fund bear considerable responsibility.

Europe's monetary union has been badly undermined by a sovereign debt crisis in past months.

The Central African Economic and Monetary Union (CEMAC), with six countries and an estimated 30 million people, is taking off.

The Maastricht Treaty established a monetary union, but the political union that is an indispensable precondition for the common currency s success remained a mere promise.

The Economic Monetary Union was created before the Berlin Wall came down in 1989.

Its member states would accept that monetary union is impossible without fiscal and structural coordination.

Initially, monetary union was supposed to propel Europe toward political union.

Economic union has benefited many but it is not the type of driving force that inspires.

Europe's great political project the EU now had an equal economic project.

FRANKFURT Since Europe s Economic and Monetary Union (EMU) was created, no progress toward political unification has been made or even really attempted.

That will involve a loss of full fiscal sovereignty, but facing up to that reality is required to sustain the monetary union.

Currency Chaos

But to Europeans, who are excluded from the pact, it looks like monetary and economic unilateralism.

He maintains that the Stability and Growth Pact contains all the rules that are necessary for Monetary Union to function.

Given this, for a considerable period of time, Europe s monetary union will have to exist without political union.

Would a country that leaves the EMU be given a diminished role in EcoFin, the European Economic and Financial Affairs Council?

But for France's African allies, grafting a program of economic integration onto a pre existing artificial monetary union is delusory and unworkable.

Many European leaders believe that the rest of the world owes the eurozone a bailout because the currency union is just an innocent bystander.

Although an Atlantic Monetary Union (between the US and the EU) is a long term prospect, it should be considered as a grand design for the future.

But the monetary union itself turned out to be a gigantic banana skin, inducing capital flows that pushed up costs around the European periphery.

Critics of European monetary integration often point out that, in the absence of political union, monetary union is doomed to fail.

ATHENS Will Greece s troubles destroy Europe s currency union, or reveal how it should be saved?

Then as now, many worry that a Greek debt crisis could destabilize and perhaps even bring down Europe's monetary union.

But the Treaty s architects were so busy playing internal power games that they failed to recognize that monetary union could not stem Europe s decline, especially as the United States was experiencing rapid productivity growth and Asia s economic rise had begun.

Basically, the old European Economic Community and the old European Free Trade Agreement will de facto emerge anew within the framework of the EU.

Among the hoped for effects of the Euro's physical arrival are an increased transparency of the differences in retail prices between different EMU countries, and a subsequent pressure to equalize these prices. The argument for the latter is simple with national currencies eliminated and everything priced in Euros, how can similar cars or loaves of bread have different prices on either side of a border?

Among the hoped for effects of the Euro's physical arrival are an increased transparency of the differences in retail prices between different EMU countries, and a subsequent pressure to equalize these prices.

After all, a currency can appreciate while an economy is sluggish, or depreciate despite robust growth.

The government of Romano Prodi, having managed against all the odds to get Italy into Europe's monetary union, fell three months later.

After some considerable volatility, a smaller and more robust currency union will emerge and, importantly, Europe will avoid the euro s demise and a total breakdown of the eurozone.

Moreover, alarmist talk of a split overlooks the reality that the EU and the monetary union have long been moving at different speeds.

Germany s stance marked the first open challenge by a leading European power to the notion that the monetary union is irrevocable.

Instead of a eurozone caged in by Germany s narrow interests as a creditor, Europe needs a monetary union that works for all of its citizens.