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).