ABSTRACT
The purpose of this chapter is to analyze the Economic and Monetary Union’s (EMU) institutions. The main emphasis is laid on the European System of Central Banks (ESCB) and its interaction with the traditional EU institutions. The focus is upon the monetary aspects of the EMU which played a dominant part in the Maastricht Treaty compared to the general economic side which was not developed until after Amsterdam (e.g. the Employment Pact, see below) and does not, to the same extent, include the new formation of own institutions, but functions within the ‘normal’ framework of the EU. Therefore, this chapter will contain, among other things, a short review of the contents, objectives, developments from 19902002 of the EMU, the ESCB (its structure and tasks) as well as interaction with the other institutions, including the Council of Ministers in particular in its composition of Ministers of Economic Affairs and Ministers of Finance (ECOFIN) and the Economic and Financial Committee. An underlying issue is the coordination of the Union’s economic and monetary policies.
