The Economic and Monetary Union is an umbrella term for the group of policies aimed at converging the economies of member states of the European Union. The goal of the Economic and Monetary Union is to achieve price stability and economic convergence. The effects of the EMU on the EU economy has been enormous. European Union membership is a prerequisite for countries that joined the Eurozone in 1999.The ultimate goal is to create a single, competitive and stable European economy where all member countries share the same currency, the euro, and adopt similar fiscal and macroeconomic policies.The European Union is comprised of 28 countries, each with a different economy with varying degrees of development. Convergence among the member states of the European Union has been going on for some time. The Economic and Monetary Union is a group of policies aimed at creating a single currency to unite the 28 members of the Union. The Union's currency is called the euro, and is the world's second most traded currency.
