What is the European Economic and Monetary Union?

What is the European Economic and Monetary Union?

The European Economic and Monetary Union (EMU) is a collective framework established by the European Union (EU) to promote economic integration among its member states. It involves the adoption of a single currency, the euro, by participating countries and the coordination of economic policies to ensure stability and convergence. The EMU aims to create a single market with free movement of goods, services, capital, and labor, as well as a common monetary policy managed by the European Central Bank. It also includes the establishment of institutions such as the Eurogroup and the Economic and Financial Affairs Council to oversee economic governance and decision-making within the EMU.