ＥＵの通貨統合と金融・財政政策の規律

This paper takes an overview over the historical paths toward the Economic and Currency Union launched in EU in the post-WWII era. Namely, it covers Snakes, European Monetary System, and establishment of the Economic and Currency Union. Moreover, the paper analyzes the uniform monetary policy implemented in Euro Area by reviewing the growing tentions among mamber states (which had been revealed particularly when the global financial crisis erupted in late 2007), as well as the factors contributing to the difficulty in implementing a uniform monetary policy. Third, this paper focuses on the disciplinary process of the fiscal policy (set under the Maastricht Treaty and Stablity and Growth Pact). In particular, the theoretical rationals for introducing the region-wide fiscal disciplins, as well as actual peformance of mamber states will be covered.