The article discusses the creation of Economic and Monetary Union in Europe, which aims to bring benefits to the European Community. It explores how this union will impact national policymakers in areas like monetary and fiscal policies. The authors question whether national governments will lose sovereignty and if the benefits of the union will be as significant as expected. The article assesses the implications of a European monetary policy and closer economic cooperation on Member States' policies, the division of competences between the EU and member countries, and the future prospects for new EU policies.