As the EMU takes its first steps, the European media speculates about the possible problems of a federated, centralized Europe. The current situation is reminiscent of 1995, when strikes spread across Europe as it took the first steps toward implementing the 1992 Maastricht Treaty. The treaty called for a converging of Europe's economies, which required countries like France and Italy to cut social spending and benefits in order to meet the criteria. Only quick action by national governments and banks averted a complete rejection of the treaty. The ability of national governments to act according to the unique demands of their countries made the continuation of the EMU possible.
National banks are subject to the mandates of Europe's central bank.
This means national governments will be unable to react to problems that may result from the bank's directives. Any other action could result in fines or sanctions imposed by the ECB under the power of the Maastricht Treaty. Members of federated systems necessarily cede a certain amount of self-determination and sovereignty in order to serve the greater, common good. Yet in the case of the EMU, bankers and economic experts are making the tough decisions. Economists have replaced politicians.