Europe In 2010
Economic and Monetary Union (EMU) is a single currency area within the European Union single market in which people,
goods, services and capital move without restrictions. It creates the framework for economic growth and stability and is
underpinned by an independent central bank and legal obligations on the participating Member States to pursue sound
economic policies and to coordinate these policies very closely.
As trade between the EU Member States reaches 60% of their total trade, EMU is the natural complement of the single
market. This market will work more efficiently and deliver its benefits more fully with the removal of high transaction costs
brought about by currency conversions and the uncertainties linked to exchange rate instability.
EMU and the economic performance of the Euro area will have their largest external effects on neighboring economies in
western Europe and on developing and transition countries with important trade and financial links to......
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