The article discusses how monetary policy is managed in an emerging European economic and monetary union. It looks at the goals of monetary policy, such as keeping prices stable, balancing the current account, and stabilizing exchange rates. The paper also talks about how monetary policy is put into action, including whether it should be coordinated or left to individual countries, and the role of official intervention. Lastly, it stresses the importance of countries being financially responsible and suggests different ways to encourage this.