Sovereignty over the Economic and Monetary Union, EMU, is divided. Monetary policy is unified at the European level while economic policy is in essence national. The debate on how the economic part of the EMU could be given a content so as to prevent future crises has been re-ignited during the very turbulent period with banking and debt crises. Presently the process is at a critical juncture and the decisions made may have far reaching consequences also for non-Euro countries like Sweden.
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