"The structure of economic and monetary union has been left half-built, " Mr Zervos told me.
To join economic and monetary union (EMU), Hungary must have a budget deficit of less than 3% of GDP.
Economic and Monetary Union (EMU) was supposed to banish the competitive devaluations that threatened the single market in the early 1990s.
But, privately, some senior officials favour dollarisation as a step towards full economic and monetary union with the United States and Canada.
Economic and monetary union has yoked together very different economies and cultures.
And Europe's stability and growth pact, so beloved of those who established economic and monetary union, has thrown fiscal policy in the euro area into disarray.
"The downgrade of Greece's sovereign ratings reflects the heightened risk that Greece may not be able to sustain its membership of Economic and Monetary Union, " Fitch said.
Critics of European economic and monetary union have wasted no time before claiming that the euro's slide only goes to show what a disastrous idea the single currency is.
As a member of the West African Economic and Monetary Union, Senegal is working toward greater regional integration with a unified external tariff and a more stable monetary policy.
Speaking to the Economic and Monetary Affairs Committee on 4 October 2011 he said that economic and monetary union had provided stability and low inflation for over a decade.
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As an architect of Europe's Economic and Monetary Union, and a former 'sherpa' of Chancellor Kohl at various G7 summits, he is well known on the scene of international finance.
She detected a strengthening of economic and monetary union.
Will European Economic and Monetary Union (EMU) still exist?
Similarly, it would be marvelous to hear her assess the state of the European Union today, as every one of her predictions of the dangers of economic and monetary union have been shown to be correct.
Yet by the time a 1991 European summit was held in the Dutch city of Maastricht, a plan for economic and monetary union (EMU) was written into a new EU treaty, to be ratified by member states later.
Joining the Euro is in my view a sensible thing for this country to do in principle but in practice the economic tests we've laid down have to be met because it is an economic and monetary union.
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But that is just the beginning of an ambitious to-do list from the Fund, which starts from recognising, in the words of the staff report, that "incomplete economic and financial and fiscal integration is casting a shadow on the future of Economic and Monetary Union".
They may not really expect the head of their central bank to get the job, but they must surely expect to get a concession of some kind perhaps the inclusion of Italy in the first intake of single-currency participants, perhaps a weakening of the terms for budgetary discipline when economic and monetary union is in place.
Opening a debate on 7 July, he told MEPs that he was keen to see greater economic governance and said that monetary union could not survive without "political co-operation".
Euro-federalists and Eurosceptics alike feel vindicated: monetary union cannot work without economic and political unity.
The eurozone has committed itself to embark on a road towards "genuine" monetary and economic union.
Even Joaquin Alumnia, the European Union's economic and monetary affairs commissioner who is against the "financial socialism" of bank bailouts, admits these were exceptional times.
Many of its architects saw it as a means of advancing political union in Europe and were barely interested in a monetary union as an economic venture.
British Eurosceptics and European federalists alike feel vindicated in predicting that monetary union would not work without a political and economic union.
Important decisions on creating a fiscal and economic union to strengthen Europe's shaky monetary alliance have been put off until June.
The deepest financial crisis in a century has exposed the fragility of a monetary union without a fiscal and economic union.
For the Europeans, monetary union and the creation of an economic unit almost as big as the United States has prompted a desire to play a greater role in international economics.
Mr Delors himself, in a seminal report of 1989 launching the process of monetary union, warned about the dangers of economic imbalances and the risk that states could be shut out of bond markets.
The 9th of December I will present to the heads of state and government a roadmap on how to strengthen the economic union of the euro area commensurate with our monetary union.
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