Evolution of the EU Economic and Monetary Union

Author:

Bazhan Anatoly Ivanovich1,Pishchik Viktor Yakovlevich2

Affiliation:

1. Institute of Europe Russian Academy of Sciences

2. Financial University under the Government of the Russian Federation

Abstract

The article analyses the evolutionary changes that the EU Economic and Monetary Union is undergoing under the influence of the development of its main economic contradiction. The latter, according to the authors, lies in the use, on the one hand, of a single, centralized economic policy, and on the other hand, in the functioning of relatively independent national financial systems, the power of which is determined by the efficiency of the national economy. In practice, the contradiction lies in the fact that the general economic policy in most of its elements does not take into account the peculiarities of the economic development of individual countries, which makes it financially unprofitable for some of them to participate in a regional association, and stimulates the emergence of disintegration trends. The problem of diverging interests is exacerbated by many factors. One of them is competition, which under the conditions of a common market and the use of a single currency is unlimited. Other factors are related to the shocks that the EU economy is experiencing: financial crises, the COVID-19, the sanctions imposed by Western countries on Russia. The evolution of the EMU is taking place as a result of the EU's desire to mitigate the negative impact of this contradiction through the adoption of strategic and emergency measures that alleviate the problem of divergence of interests.

Publisher

The Russian Academy of Sciences

Reference15 articles.

1. Бажан А.И. (2011) Еврозона - проблемное будущее. Белорусский экономический журнал. № 3 (56). С. 76-85.

2. Буторина О.В. (2020) Экономическая история евро. "Весь Мир", Москва. 576 с.

3. Европа в кризисном мире

4. Transformations in the Monetary and Financial Policy of the European Union under the Influence of COVID‑19

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