Ten years of European Monetary Union: What's gone right and What's gone wrong

In 1991, the European Union undertook to form a full-fledged monetary union. It established the European Monetary Union with a European Central Bank (ECB) at its apex and a mandate to pursue price stability. The European regime differs from the US Federal Reserve System, which must pursue high employment as well as price stability, but the ECB's commitment to price stability did not prevent it from combating the global financial crisis that began in 2008. The crisis suggests, however, that the ECB should henceforth be involved in supervising large cross-border financial institutions.