Current Problems of the European Monetary Union

The diploma thesis identifies and assesses current problems of the European Monetary Union, based on: firstly, theoretic approach which reviews the position of monetary union within the range of alternative exchange rate regimes, secondly, historic approach which explains evolutionary principle in the process of European monetary integration, and thirdly, economic approach which analyses the viability of the euro area by application of the criteria of the optimum currency area theory. Subsequently, the roots and development of today's euro area crisis are described and also future scenarios of development in Greece and entire euro area are briefly outlined. The analysis shows that the European Monetary Union by far does not meet the optimum currency area criteria and thus the euro area is considerably vulnerable to future asymmetric shocks