ECONOMIC POLICY OF THE EUROPEAN UNION

Abstract

The Member States of the European Union, under Article 4 of the Treaty on European Union have an obligation to pursue an economic policy based on close coordination policies of member states, internal markets and setting common goals. They consider economic policy as issue of common interest, and thus coordinate development strategies and economic policy at the Council of Europe. With the establishment of the Economic Monetary Union (EMU) in January 1999, there are increasing need for the coordination, especially in budgetary policy, because compliance with the financial monetary policy of the European Central Bank represents interest of all and in the interest of all .