ABSTRACT

Economic and Monetary Union (EMU) is a highly political construction, although one gets the opposite impression when looking through the northern European press-coverage of the EMU which tends to treat the European Central Bank as a purely economic/technocratic institution. There is agreement concerning the importance of the EMU for the whole European Union (EU)-project. Tsoukalis states that the EMU is one, if not the important event in the history of European integration and that its economic and political consequences will be far-reaching if it succeeds. Inspired by David McKay, Gustavsson develops his analysis, and sets up four scenarios: Complete success; Fiscal federalism; Authoritarianism; and Complete failure. Kelstrup took an approach, addressing the general question of democracy in the EU and on that background discussed the democratic aspects of the Euro-cooperation including the question of how the EMU may influence democracy in the EU.