Economic and Monetary Union (EMU) represents a major step in the integration of EU economies. Launched in 1992, EMU involves the coordination of economic and fiscal policies, a common monetary policy, and a common currency, the euro. Whilst all 28 EU Member States take part in the economic union, some countries have taken integration further and adopted the euro. Together, these countries make up the euro area.
Economic and monetary union (EMU) is not an end in itself. It is an instrument to further the objectives of the European Union and improve the lives of citizens in EU countries.