This chapter explores the character of the governance of the process of Economic and Monetary Union (EMU) in Europe; in what ways there has been a transformation of governance in EC economic and monetary policies; the kind of normative issues that have been thrown up relating to the legitimacy of this process; and the ways in which the governance of this sector can be explained. The basic argument is that, whilst EMU has undergone a process of transformation, the sector is better understood as a type of ‘core executive’ governance than as ‘network’ governance. Its central attributes are an increasingly intensive interlocking of ‘core executive’ actors, a pronounced ‘territorial’ instinct in relation to controlling policy, and the momentum imparted by a sense of shared ownership of an historic policy project.