The Euro Area countries have a common currency managed by the European Central Bank. While monetary policy is centralized, fiscal policy is not, leading to challenges in coordinating economic policies. Studies have shown that the business cycles of these countries are not aligned, making it difficult for the ECB and governments to work together effectively. Research has also looked into the independence of the ECB and the impact of common monetary policy on individual countries. Additionally, analyses have been done on the need for fiscal federalism and the Stability and Growth Pact within the Euro Area.