Last Updated on: 7th February 2021, 07:51 am
The Economic and Monetary Union (EMU) is an umbrella term for the group of policies aimed at converging the economies of member states of the European Union.
The decision to form an EMU was taken by the European Council in the Dutch city of Maastricht in December 1991 and was later enshrined in the Treaty on European Union (the Maastricht Treaty).
Economic and Monetary Union takes the EU one step further in its process of economic integration, which started in 1957 when it was founded.
Economic integration brings the benefits of greater size, internal efficiency and robustness to the EU economy as a whole and to the economies of the individual Member States.
This, in turn, offers opportunities for economic stability, higher growth, and more employment outcomes of direct benefit to EU citizens.
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