This article explores the European Monetary Union from a public choice perspective. It delves into the history of economic and monetary integration in Europe, the theory of currency unions, and the economic background of the European Monetary Union. The researchers analyze the monetary and fiscal policies, institutions, and the impact of macroeconomic shocks on the European Monetary Union. They also discuss the political implications of these shocks. Overall, the article provides insights into how the European Union's political marketplace operates in the context of monetary policy and economic shocks.