Politically, the EU is the layer governed by specifically-designed institutions to manage this free-trade area in its several constituencies: the Council of the European Union, the European Commission, the European Parliament, and the European Court of Justice. [...] In July 1978 at Bremen, the Chancellor of the Werner report Germany, Helmut Schmidt, and the French president, Valery Giscard d'Estaing, proposed the creation of a ―zone of monetary stability in Europe by establishing added a monetary a European Monetary System.‖ In the late 80s, the then-president of the dimension to the European Commission, Jacques Delors, proposed in a report named after him, e [...] The ill-designed SGP, the lack of SGP, the lack of an efficient policy mix, the demographic challenge, and the resistance to structural reforms in the European countries are serious challenges an efficient policy to the European economic integration. [...] In order to avoid the collapse of the banking system, the ECB may feel in the European pressured to buy these bonds and thereby monetize the deficit. [...] Beyond the question of harming the credibility of the ECB through the risk of having countries free-ride on their fiscal policies, there is the question of finding the correct mix between the centralized monetary policy and the decentralized— though cooperating—national fiscal policies.