Economic and Monetary Union (EMU)

Economic and Monetary Union (EMU)

note- an integral part of the European Union; also known as the European Economic and Monetary Union
Established- 1-2 December 1969 (proposed at summit conference of heads of government; 7 February 1992 (Maastricht Treaty signed)
Aim- to promote a single market by creating a single currency, the euro; timetable - 2 May 1998: European exchange rates fixed for 1 January 1999; 1 January 1999: all banks and stock exchanges begin using euros; 1 January 2002: the euro goes into circulation; 1 July 2002 local currencies no longer accepted
Members- (18) Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, Spain