The creation of Monetary Union marked a major step in the evolution of the European Union. Is the EU now taking the next step of deeper integration towards a fully-fledged economic government? The book seeks to answer this question by studying the evolution, execution and performance of new modes of economic policy coordination as potential stepping-stones towards more supranational forms of economic governance. It provides the first comprehensive assessment of how the key instruments - the Broad Economic Policy Guidelines, Stability and Growth Pact, and the European Employment Strategy - have worked in practice at both European and national levels.

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