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Deepening the European Monetary Union. Banking Union.

Latest addition – Monday 2 December 2019.

Monetary Policy

•Single monetary policy and an independent central bank

•The primary objective is maintaining price stability

•Without prejudice to this, support the policies in the Community

Fiscal Policies

•The exclusive competence of Member States

•Budgetary autonomy is, in formal terms, absolute

•But: Fiscal policies are subject to rules of budgetary discipline

Other policies

•Banking Union?

•Capital markets Union?

•Structural reforms,

•Institutional reforms



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