In this way, economic co-ordination, in all its various forms, promotes and, where necessary, ensures that national policies are appropriate and consistent with participation in the single currency. In strictly legal terms the euro may be a "currency without a state". In practice, like any other currency, it is embedded in a well-developed and comprehensive economic policy framework.
Of course, the one area of policy which is now completely centralised is monetary policy. The countries which have adopted the euro now share a common currency, a single exchange rate and a single monetary policy. The responsibility for conducting this policy has been given to the ECB/Eurosystem, with a clear mandate to maintain price stability.