These requirements are essential for the functioning of the single market. Transitional provisions may be required. However, permanent exemptions or lengthy transitional periods would be inappropriate as they could threaten the internal cohesion of the Union. Monetary relations Let me be a bit more specific about monetary relations and let me start with the period before membership.
*  *  *  The euro area crisis stems from the fact that Economic and Monetary Union (EMU) is a complete monetary union but an incomplete economic and financial union. Indeed, the roots of the crisis are complex, resulting from an interaction between inadequate architecture and inadequate implementation of the structures that had been put in place.