The Union is the European Economic and Monetary Union (EMU) that came into existence on January 1, 1999. Its main goal is to establish what is known as the single European currency.
The members of the European Monetary Union are Germany, France, Belgium, Luxembourg, Austria, Finland, Ireland, the Netherlands, Italy, Spain and Portugal.
In 2002, the euro officially replaced the national currencies of European Union members.
On 1 January 1999, the transition phase to the initial adoption of the euro began.
With the establishment of European Economic and Monetary Union, European integration has entered an independent process with its own dynamic development and expansion.
Its internal momentum has made the euro a powerful catalyst for further integration.
