Economic and Monetary Union
/ˌiːkənɒmɪk ən ˌmʌnɪtri ˈjuːniən/, /ˌekənɒmɪk ən ˌmʌnɪtri ˈjuːniən/
/ˌiːkənɑːmɪk ən ˌmɑːnɪteri ˈjuːniən/, /ˌekənɑːmɪk ən ˌmɑːnɪteri ˈjuːniən/
(also European Monetary Union)
(abbreviation EMU)
- the idea that there should be completely free movement of people, goods and money between the countries of the European Union. From 1 January 1993 many controls on the movement of goods and people between the EU countries were removed. There is now a European Central Bank, and a single European currency, the euro, was introduced in 1999 and is now the currency in many EU countries.