economic and monetary union

(EMU)
   Economic and monetary union was a bold and ambitious plan for the coordination of economic policy and culminating in the use of a single currency in the European Union. The adoption of the euro in 1999 involved the unification of monetary and fiscal policy across the member states. The goal of EMU was first mentioned in the Single European Act. The provisions governing its introduction were added to the Treaty of Rome via the Maastricht Treaty, which described the new institutions that would be created and specified the stages by which EMU would be achieved. No other region has come close to this level of economic cooperation.
   See also: euro

Glossary of UK Government and Politics . 2013.

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