Monetary Union in Germany was thus achieved at the same time as the political union. However, in Europe the establishment of Monetary Union has preceded the creation of a wider political area. This made it necessary to introduce additional features in the framework of EMU so as to enhance the coordination between monetary and economic policies.
Many expect central banks to be the ones that can bring back growth. And indeed, over the past few years, the global financial crisis has placed immense demands on monetary policy around the world.