They therefore manage with a minimum of the constructional elements of political union - but nevertheless comprise all the mechanisms needed to guard against potential conflicts between a single monetary policy and fiscal policies, which remain the responsibilities of the member states. Technically, the construction of the monetary union is thus adequately secured. Why then is progress towards a political union necessary?
On the whole, Japan’s economy shows further signs of a moderate recovery. B. Developments in overseas economies  Let me now look at developments in those overseas economies that are influencing Japan’s export-driven recovery.