The Economic and Monetary Union (EMU) in the European Union has been studied in three main waves. The first wave looked at how EMU was set up, with a single monetary authority but not a full economic union. The second wave examined the effects of EMU in the 2000s, showing changes in member states. The third wave focused on the establishment of Banking Union from 2012, with banking supervision by the ECB but some resolution at the national level. The research is ongoing to understand how Banking Union functions and its impact on member states.