Abstract
Unlike European Union (EU) monetary unification, the fiscal part of the economic and monetary union has not been completed yet. The economic part is built upon the decentralized structure of the European Union as a "community of states"; the monetary union is based upon the delegation of monetary powers from individual states - their central banks - to the Union level.
Serious crises of functioning of such a model brought up the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union It is part of a gradual strategy of the centralization of budgetary policy at the level of the European Union. This strategy is built upon presumption that effective functioning of the monetary union must be supported by a central budget and central, or centralized, budgetary policy.