History of economic and monetary union

01-02-2018

Economic and monetary union (EMU) is the result of progressive economic integration in the EU. It is an expansion of the EU single market, with common product regulations and free movement of goods, capital, labour and services. A common currency, the euro, has been introduced in the eurozone, which currently comprises 19 EU Member States. All 28 EU Member States — with the exception of the UK and Denmark — must adopt the euro after a minimum of two years’ participation in ERM II and fulfilment of the convergence criteria. A single monetary policy is set by the European Central Bank (ECB) and is complemented by harmonised fiscal and coordinated economic policies. Within EMU there is no single institution responsible for economic policy. Instead, responsibility is divided between Member States and various EU institutions.

Economic and monetary union (EMU) is the result of progressive economic integration in the EU. It is an expansion of the EU single market, with common product regulations and free movement of goods, capital, labour and services. A common currency, the euro, has been introduced in the eurozone, which currently comprises 19 EU Member States. All 28 EU Member States — with the exception of the UK and Denmark — must adopt the euro after a minimum of two years’ participation in ERM II and fulfilment of the convergence criteria. A single monetary policy is set by the European Central Bank (ECB) and is complemented by harmonised fiscal and coordinated economic policies. Within EMU there is no single institution responsible for economic policy. Instead, responsibility is divided between Member States and various EU institutions.