The EMU rests on a comprehensive set of rules and on a non-federal institutional framework based on a sharing of sovereignty between Member States and, above all, on mutual trust. This means that its success hinges on its members making every effort to understand each other and to mutually realise their interests.
In a nutshell, the euro is the result of a dialectic process between solidarity and responsibility towards a common good. The functioning of EMU is based on permanent negotiation and approximation of different starting positions, safeguarding national cultures and identities while guaranteeing a sense of belonging and a “group identity”.