The EMU is a plan for a single European central bank and for a single European currency to replace national banks and currencies for those European states that qualify. The EMU is the planned follow-on of the European Monetary System (EMS-- q.v.).
The framework for closer financial links for members of the European Union. 12 Countries have agreed to participate to date, however, the UK's entry is not anticipated until 2006/7 at the earliest and will be subject to a referendum.
The original programme for introducing a common EU currency (the euro).
(EMU) - The principal goal of the EMU was to establish a single European currency called the Euro. This officially replaced the national currencies of the member EU countries in 2002. The transitional phase to introduce the Euro began January 1, 1999 and lasted for three years. Now that the Euro exists as a banking currency, paper financial transactions and foreign exchange are done in Euros. The Euro coins and notes entered circulation after the transition period. Only Euros became legal tender for EMU participants effective July 1, 2002, and the national currencies of the member countries ceased to exist at that time. The current members of the EMU are Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain.
The principal goal of the EMU is to establish a single European currency called the Euro, which will officially replace the national currencies of the member EU countries in 2002. On January 1st, 1999 the transitional phase to introduce the Euro began. The Euro now exists as a banking currency and paper financial transactions and foreign exchange are made in Euros. This transition period will last for three years, at which time Euro notes an coins will enter circulation. On July 1,2002, only Euros will be legal tender for EMU participants, the national currencies of the member countries will cease to exist. The current members of the EMU are Germany, France, Belgium, Luxembourg, Austria, Finland, Ireland, the Netherlands, Italy, Spain and Portugal.
The aims for an European Monetary Union in three different stages and the creation of a single currency for that Union were settled down in the Treaty of Maastricht (The Treaty), which came into force on 1 November 1993. Those stages are: Stage 1 (July 1990 – October 1993). It aimed at achieving a greater convergence. Stage 2 (November 1993– December 1998). Goal of reinforcing the economical policies through the creation of the EMI. In July 1998, the ECB was established. Stage 3 (January 1999 – July 2002). Goal of finalising the single market construction through the launch of a single currency and the work of the ECB.
A currency union consisting of most of the members of the European Union, who in January 1999 will align their monetary policies under a European Central Bank and adopt a common currency, the euro.
The principal objective of the EMU is to launch a single European currency called the Euro, which will officially reinstate the national currencies of the member EU countries in 2002.
An institution of the EU, whose primary goal is to establish a single currency (the euro) for the entire EU.
See on: Wikipedia The principal goal of the EMU is to establish a single European currency called the Euro, which did officially replace the national currencies of the member EU countries in 2002. Before 2002, the Euro existed only as a banking currency and for paper financial transactions and foreign exchange. The current members of the EMU are Germany, France, Belgium, Luxembourg, Austria, Finland, Ireland, the Netherlands, Italy, Spain and Portugal.
