This article covers the EMU of the European Union. For general information on the topic of Economic and monetary unions see here. This article covers the general information on the topic. ...

In economics, a monetary union is a situation where several countries have agreed to share a single currency among them. The European Economic and Monetary Union (EMU) consists of three stages coordinating economic policy and culminating with the adoption of the euro, the EU's single currency. All member states of the European Union participate in the EMU. Twelve member states of the European Union have entered the third stage and have adopted the euro as their currency. The United Kingdom and Denmark have opt-outs exempting them from the transition to the third stage of the EMU. The remaining eleven member states are required to enter the third stage and adopt the euro. In economics, a monetary union is a situation where several countries have agreed to share a single currency among them, for example, the East Caribbean Dollar. ... The Euro area (also called Euro zone or Eurosystem) is the subset of European Union member states which have adopted the euro, creating a currency union. ... The euro (symbol: €; banking code: EUR) is the currency of twelve European Union member states: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain, collectively known as the Eurozone. ...

Under the Copenhagen criteria, it is a condition of entry for states acceding to the EU that they be able to fulfil the requirements for monetary union within a given period of time. The 10 new countries that acceded to the European Union in 2004 all intend to join third stage of the EMU in the next ten years, though the precise timing depends on various economic factors. Similarly, those countries who are currently negotiating for entry will also take the euro as their currency in the years following their accession. (See Enlargement of the European Union.) The Copenhagen criteria are the rules that define whether a nation is eligible to join the European Union. ... 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... The euro (symbol: €; banking code: EUR) is the currency of twelve European Union member states: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain, collectively known as the Eurozone. ... The European Union (EU) was originally created by the six founding states in 1952, but has grown to its current size of 25 member states. ...

Prior to adopting the euro, a member state has to have its currency in the European Exchange Rate Mechanism (ERM II) for two years. Cyprus, Denmark, Estonia, Latvia, Lithuania, Malta, Slovenia and Slovakia are the current participants in the exchange rate mechanism. The European exchange rate mechanisms (or ERM) was a system introduced by the European Community in March 1979, as part of the European Monetary System (EMS), to reduce exchange-rate variability and achieve monetary stability in Europe, in preparation for Economic and Monetary Union and the introduction of a single...

EMU is sometimes misinterpreted to mean European Monetary Union.

History of the EMU

The Delors report of 1989 set out a plan to introduce the EMU in three stages and it included the creation of institutions like the European System of Central Banks (ESCB), which would become responsible for formulating and implementing monetary policy. The European System of Central Banks (ESCB) is composed of the European Central Bank (ECB) and the national central banks (NCBs) of all 25 EU Member States. ...

The three stages for the implementation of the EMU were the following.

Stage One: 1 July 1990 to 31 December 1993

• On 1 July 1990, exchange controls were abolished, thus capital movements were completely liberalised in the EEC.
• The Treaty of Maastricht in 1992 establishes the completion of the EMU as a formal objective and sets a number of economic convergence criteria, concerning the inflation rate, public finances, interest rates and exchange rate stability.
• The treaty enters into force on the 1 November 1993.

July 1 is the 182nd day of the year (183rd in leap years) in the Gregorian Calendar, with 183 days remaining. ... This article is about the year. ... December 31 is the 365th day of the year (366th in leap years) in the Gregorian Calendar. ... 1993 (MCMXCIII) is a common year starting on Friday of the Gregorian calendar and marked the Beginning of the International Decade to Combat Racism and Racial Discrimination (1993-2003). ... July 1 is the 182nd day of the year (183rd in leap years) in the Gregorian Calendar, with 183 days remaining. ... This article is about the year. ... Possible meanings: Energy Efficiency Centre Energy Efficiency in Construction Engineering Education Centre Eurocontrol Experimental Centre European Economic Community, former name of the now-called European Community European Egg Consortium Extended Error Correction, see RAM parity This page concerning a three-letter acronym or abbreviation is a disambiguation page — a navigational... The Maastricht treaty (formally, the Treaty on European Union) was signed on 7 February 1992 in Maastricht between the members of the European Community and entered into force on 1 November 1993. ... 1992 (MCMXCII) was a leap year starting on Wednesday. ... November 1 is the 305th day of the year (306th in leap years) in the Gregorian Calendar, with 60 days remaining. ... 1993 (MCMXCIII) is a common year starting on Friday of the Gregorian calendar and marked the Beginning of the International Decade to Combat Racism and Racial Discrimination (1993-2003). ...

Stage Two: 1 January 1994 to 31 December 1998

• The European Monetary Institute is established as the forerunner of the European Central Bank, with the task of strengthening monetary cooperation between the member states and their national banks, as well as supervising ECU banknotes.
• On 16 December 1995, details such as the name of the new currency (the euro) as well as the duration of the transition periods are decided.
• On 16-17 June 1997, the European Council decides at Amsterdam to adopt the Stability and Growth Pact, designed to ensure budgetary discipline after creation of the euro, and a new exchange rate mechanism (ERM II) is set up to provide stability between the euro and the national currencies of countries that won't yet have entered the eurozone.
• On 3 May 1998, at the European Council in Brussels, the 11 initial countries that will participate in the third stage from 1 January 1999 are selected.
• On 1 June 1998, the European Central Bank (ECB) is created, and in 31 December 1998, the conversion rates between the 11 participating national currencies and the euro are established.

January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ... 1994 (MCMXCIV) was a common year starting on Saturday of the Gregorian calendar, and was designated the International year of the Family. ... December 31 is the 365th day of the year (366th in leap years) in the Gregorian Calendar. ... 1998 (MCMXCVIII) is a common year starting on Thursday of the Gregorian calendar, and was designated the International Year of the Ocean. ... The European Monetary Institute (EMI) was the forerunner of the European Central Bank (ECB). ... December 16 is the 350th day of the year (351st in leap years) in the Gregorian Calendar. ... 1995 (MCMXCV) was a common year starting on Sunday of the Gregorian calendar. ... The euro (symbol: €; banking code: EUR) is the currency of twelve European Union member states: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain, collectively known as the Eurozone. ... June 17 is the 168th day of the year in the Gregorian calendar (169th in leap years), with 197 days remaining. ... 1997 (MCMXCVII) is a common year starting on Wednesday of the Gregorian calendar. ... The European Council, sometimes informally called the European Summit, is a meeting of the heads of state or government of the European Union, and the President of the European Commission (not to be confused with the Council of the European Union, or the Council of Europe). ... The Stability and Growth Pact is an agreement by European Union member states related to their conduct of fiscal policy, to facilitate and maintain Economic and Monetary Union. ... May 3 is the 123rd day of the year in the Gregorian calendar (124th in leap years). ... 1998 (MCMXCVIII) is a common year starting on Thursday of the Gregorian calendar, and was designated the International Year of the Ocean. ... January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ... 1999 (MCMXCIX) is a common year starting on Friday, and was designated the International Year of Older Persons by the United Nations. ... June 1 is the 152nd day of the year in the Gregorian calendar (153rd in leap years), with 213 days remaining. ... 1998 (MCMXCVIII) is a common year starting on Thursday of the Gregorian calendar, and was designated the International Year of the Ocean. ... The European Central Bank (ECB) in Frankfurt am Main, Germany is the central bank of the eurozone, in charge of monetary policy for the 12 countries that use the euro currency. ... December 31 is the 365th day of the year (366th in leap years) in the Gregorian Calendar. ... 1998 (MCMXCVIII) is a common year starting on Thursday of the Gregorian calendar, and was designated the International Year of the Ocean. ...

Stage Three: 1 January 1999 and continuing

• From the start of 1999, the euro is now a real currency, and a single monetary policy is introduced under the authority of the ECB. A three-year transition period begins before the introduction of actual euro notes and coins, but legally the national currencies have already ceased to exist.
• On 1 January 2001, Greece joins the third stage of the EMU.
• The euro notes and coins are finally introduced in January 2002.

January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ... 1999 (MCMXCIX) is a common year starting on Friday, and was designated the International Year of Older Persons by the United Nations. ... The euro symbol The euro (EUR or €) is the single currency for many countries within the European Union. ... The euro (EUR or €) is the currency of 12 European Union (EU) member states - Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain - four European microstates - Andorra, Monaco, San Marino and the Vatican City - Montenegro and Kosovo, as well as various EU institutions. ... January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ... 2001: A Space Odyssey. ...

See also

• euro
• eurozone
• European System of Central Banks

The euro (symbol: €; banking code: EUR) is the currency of twelve European Union member states: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain, collectively known as the Eurozone. ... The Euro area (also called Euro zone or Eurosystem) is the subset of European Union member states which have adopted the euro, creating a currency union. ... The European System of Central Banks (ESCB) is composed of the European Central Bank (ECB) and the national central banks (NCBs) of all 25 EU Member States. ...

External links

• The euro and other currency unions in history