Monetary union has been and continues to be a very controversial and divisive topic for many Europeans. Trade integration, however, is much more clearly beneficial to individual European countries, EU members and non-members alike. As a result of the perceived economic benefits which result from membership in the EU, thirteen states currently have applications for entrance pending.

As the leaders of the EU gather to discuss the possibilities of further EU expansion, there are a number of key issues which will need to be resolved in order for the Union to function. Foremost of these is the debate over deepening of the EU versus its enlargement. The larger states like Germany and France would prefer to see more integration both politically and economically of the EU and its member states. On the other side of the issue there are those who prefer expansion of the Union, with emphasis given to further development of the "Single Market". Larger states are hesitant to include smaller, less economically stable countries, fearing the widened gap between rich and poor countries within the Union would precipitate large transfer payments, and ultimately slow down the deepening process within the EU.

The question to be asked, however, is not if the Central and Eastern European countries will be admitted into the Union, but when they will be admitted. Before expansion comes about, there will also be more discussion concerning the Institutions which govern integration in the EU. Governance of the Union is a historically difficult endeavor given the fact that EU institutions are too strong to be thought of as international organizations, but not strong enough to replace national institutions. The challenge will be to develop a form of leadership able to adapt to the differing policy preferences of member states in order to effectively pursue economic integration through expansion of the "Single Market", and also continued monetary integration(EMU).