Economic and monetary union (EMU) stands on two distinct legs. The monetary leg is characterised by full integration, with the supranational European Central Bank (ECB) assuming complete responsibility for monetary policy. The economic leg, in contrast, is characterised by partial integration. Member states retain a tight grip over budgetary policies and structural reforms, although they have agreed, under Article 99 of the treaty, to coordinate their economic policies.
The economic leg of EMU c