Economic governance within EMU

Which institution sets the main political goals of the EU?

The European Council.

Which institution coordinates EU economic policymaking?

The Council of the European Union.

What is the Eurogroup?

The Eurogroup coordinates economic policies of common interest among euro-area member states.

What role do member states play in EMU?

They set national budgets within agreed limits for deficits and debt and formulate policies consistent with EU guidance.

What role does the European Commission play in EMU?

It monitors member-state economic performance and compliance with EU rules.

What role does the ECB play in EMU?

It sets monetary policy for the euro area and supervises financial institutions.

What role does the European Parliament play in economic governance?

It shares legislative responsibilities with the Council and contributes to democratic scrutiny of EU policies.

Why is there no single institution responsible for all EMU economic policy?

Responsibility is divided between member states and several EU institutions.