European Monetary Union: Theory, History and Consequences

What is the European Monetary Union?Among the European states, EMU officially stands for Economic and Monetary Union.Other countries also use EMU to refer generally to the European Monetary Union.Economic and Monetary Union (EMU) represents a major step in the integration of EU economies.All member states of the European Union < are expected to participate in the EMU.Phase 2: From the Werner Report to the European Monetary System, 1970 to 1979.An independent monetary policy run by the European Central Bank (ECB).The European Council agreed to name this single European currency the Euro.European leaders accepted the recommendations in the Delors Report.History of the EMU.