Magnetic Monopoles, Gauge Invariant Dynamical Variables and Georgi Glashow Model

We investigate Georgi-Glashow model in terms of a set of explicitly SO(3) gauge invariant dynamical variables. In the new description a novel compact abelian gauge invariance emerges naturally. As a consequence magnetic monopoles occur as point like "defects" in space time. Their non-perturbative contribution to the partition function is explicitly included. This procedure corresponds to dynamical "abelian projection" without gauge fixing. In the Higgs phase the above abelian invariance is to be identified with electromagnetism. We also study the effect of $\theta$ term in the above abelian theory.