We begin this section with the history of economic policies of the European Monetary Union, in relation to the European Union more generally. The overall conclusion of this section is that economic policies are very important, but more precisely coordination of the policies, in terms of monetary and fiscal as well as financial stability policies, is of paramount relevance and should be adopted. But this policy coordination requires that fiscal policies are determined centrally over the European Union, a very important development, which can occur when the European Union becomes United States of Europe (see, also, Chadha et al. 2012).