As they progress, negotiations on the reform of the EMU will highlight sensitive legal and institutional issues, specifically on the appropriate distribution of power between the Union and Member States and on the balance of powers between the various European institutions.
This should not surprise us, given that one of the objectives of the European integration process since 3/4  BIS central bankers' speeches  the beginning has been to create an ‘economic community’ supported by a ‘community of law’, which is how it has always seen itself.