Complex sentence: A monetary union has common monetary and fiscal policy to ensure control over the creation of high-powered money and the expansion of government debts; it has a central management of the common pool of foreign exchange reserves, external debts and exchange rate policies.
Split into simpler sentences: A monetary union has common monetary and fiscal policy to ensure control over the creation of money and the size of government debts. It has a central management of the common pool of foreign exchange reserves, external debts and exchange rate policies.