ABSTRACT
The basic issue to be discussed in this contribution relates to the principles governing economic policies in the framework of the EMU. In this context, the European Central Bank plays a crucial role as a powerful political and economic actor. The ECB, however, is also interacting with other important actors, including governments, other EU institutions, actors on the international financial markets and other private and public economic and political actors. Understanding the framework of economic policies requires an understanding of this interaction. Political choices to be made regarding the role and position of the EMU will exercise an important influence on the future of European societies in crucial fields. Who is to make these choices? In which fora? According to which criteria? With what sort of interest representation? Departing from the question of the degree of democratic steering of economic policies these questions shall be addressed. The contrast between the potentials of the EMU and the lacking willingness to use these potentials coupled with the built-in grey zones and contradictions of the political and institutional structure of the EMU is, however, likely to give rise to tensions and politicization. Countries and social groups feeling unevenly and unfairly treated by the mode of functioning of the EMU are likely to seek to modify it. It is thus rather improbable that the present institutional set-up of the EMU will be maintained. One may therefore point to the need for continued discussion and analysis - not only of the form and content of the EMU but also of its politico-cultural foundations.
