Economic and Monetary Union (EMU)

note - an integral part of the European Union; also known as the European Economic and Monetary Union

1-2 December 1969 (proposed at summit conference of heads of government; 7 February 1992 (Maastricht Treaty signed)

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 - (28) Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, UK