. This paper will highlight basic structural problems that led to the current crisis of confidence in the common European currency in the first part. The second part intends to discuss the lack of monetary and fiscal policy coordination while third part analyzes monetary and fiscal responses to the crisis by the EU institutions and national actors. The fourth part seeks to portray some possibilities for overcoming deep-seated structural imbalances and questions the likelihood of „gouvernement économique“ as a new stage in European integration.

Politologija