Economic and Monetary Union

Economic and Monetary Union (EMU) refers to a group of countries that have integrated their economies and adopted a shared currency, the euro, to enhance financial stability, facilitate trade, and promote economic cooperation. The EMU involves coordinated economic policies among member states, aiming to harmonize fiscal policies, monitor economic performance, and maintain stability through a centralized monetary authority, the European Central Bank. This union helps reduce exchange rate risks, simplifies transactions, and aims to support economic growth across all member nations while promoting price stability and low inflation.