This book provides an original and wide-ranging analysis of the impact of Economic and Monetary Union (EMU) on economic governance in the EU and in several key Member States within and outside the Euro area. Its emphasis is on adaptation: how EMU encourages change in national and EU institutions and in national economic regimes. It explores the challenges that led to reform in 2005 and challenges for future EMU members. It brings together economic, political science and legal perspectives. Economic and econometric analysis identifies and explains the specificities of national economic adaptation while legal and political science analysis addresses the dynamics of policy making and the complex web of laws, processes and actors in the Euro area and beyond. The book provides an account of the process of adjustment to EMU in a manner that is accessible to graduates, academics and the policy community.