The 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.
The Economic and Monetary Union (EMU) is not an end in itself. It is a means to provide stability and for stronger, more sustainable and inclusive growth across the euro area and the EU as a whole for the sake of improving the lives of EU citizens.
Following the outbreak of the economic and financial crisis, the European Union took unprecedented measures to strengthen the Economic and Monetary Union and make sure that Europe is better prepared for future shocks. As a result, the euro area architecture is now much more robust than before. However, further work lies ahead to make sure that the benefits of the Economic and Monetary Union reach all EU citizens.