Monetary Union - and only Monetary Union - guarantees that the Single Market can utilize the full potential of its economic power on the basis of a stable common currency and that the growing pressure of international competition on Europe is buffered.
The deepening of the European Union that accompanies EMU and the euro is therefore not simply the most suitable response to internationalization and globalization, but also a bulwark against any maneuvers to reverse liberalization in Europe. Deepening of European integration is crucial especially for small open economies like Austria and Luxembourg.