This doctoral dissertation makes a theoretical and practical contribution to understanding the role and importance of the European monetary framework, which includes the European Central Bank and the national central banks of the Eurosystem, to the international economic relations of euro area member states based on sustainable economic growth and international exchange on the single European market. An interdisciplinary approach to this research connects monetary policy and significant events in the field of international economic relations, especially the global economic crisis of 2008, the European public debt crisis of 2010 and the coronavirus pandemic crisis of 2020. It was clarified that the Economic and Monetary Union (EMU) was formed on the basis of historical dynamics of international relations aimed at European integration as an expression of political will that by renunciation of monetary sovereignty exchange rate risk will be eliminated in order to encourage international trade. The difference between standard monetary policy instruments and non-standard measures subsequently introduced in response to the negative effects of the Eurosystem's global economic crisis, which undermined the efficiency of the traditional interest rate transmission channel of monetary policy, was explained. The results of scientific research using an econometric model with a panel method of fixed and random effects, which confirmed the main hypothesis, are presented. In the observed sixteen-year period (2005-2020), the European Central Bank and the Eurosystem, through standard instruments and non-standard monetary policy measures, had a positive effect on the economic growth of nineteen euro area Member States and partly on increasing their international trade. This impact of the single monetary policy was significantly smaller for the control group of the nine remaining EU Member States that have not yet adopted the euro. Eurosystem monetary policy is not adjusted to the needs of the European Union as a whole, but only to the needs of the euro area, and therefore nonEurosystem central banks need to maintain sovereign monetary policies adjusted to the needs of the national economy until joining EMU. In addition, an analysis of the consolidated balance sheet of the Eurosystem and the unconsolidated balance sheets of the national central banks and the European Central Bank from the point of view of significant balance sheet positions showed that in times of crisis the importance of the European monetary framework in achieving economic and thus political stability was increased. It was concluded that the European Central Bank is the most important link on the path to completing Economic and Monetary Union, which includes a fiscal union with a single euro budget.