01208nas a2200145   4500008004100000245007200041210006900113490000700182520064800189653003900837653001800876653003700894100002500931856010600956       2012                        eng d00aEconomic and Monetary Union crisis - reasons and existing solutions0 aEconomic and Monetary Union crisis reasons and existing solution0 v743 a<p>The integration of the European Union (EU) Member States within the framework of the Economic and Monetary Union (EMU), as the forth out of five levels of economic integration developed by B. Balassa, is based on the irrevocable fixing of exchange rates and replacing national currencies with a single currency - the euro (see Balassa 1961). In consequence, the economic policy of the Member States is limited, because the monetary policy is controlled by the supranational institution of the European Central Bank. As a result, the EMU fundamentally represents the highest existing form of economic integration of the EU Member States.</p>10aEconomic and Monetary Union crisis10afiscal crisis10atheory of optimum currency areas1 aWróblewski, Łukasz  uhttps://euro.ue.poznan.pl/en/biblio/economic-and-monetary-union-crisis-reasons-and-existing-solutionsno socket