Portes, Richard creator text 2001 monographic Reviews the development of the European Union and the motivations that led it to European Monetary Union (EMU). Defines monetary union as a monetary constutition for a supranational monetary system and describes the characteristics of the European Central Bank (ECB). Underscores the propable implication of EMU according to how it is managed, and examines the link ( in a monetary union) between fiscal policy and the need to coordinate fiscal consolidation. Presents a list of the economic and political problems facing the ECB and EMU, and argues that the most serious difficulties are mainly political. 10/29/01 JOY_D