ECONOMIC AND MONETARY UNION: An aspect of the European Union designed to integrate economic and monetary policies and establish a single currency (the euro). The Economic and Monetary Union, abbreviated EMU, was created by the 1992 Maastricht Treaty and officially came into existence in 1999. The European Central Bank has control over monetary policy and the money supply for the Economic and Monetary Union. See also | Maastricht Treaty | European Union | euro | European Currency Unit | monetary policy | European Central Bank | Euro zone | European System of Central Banks | European Commission |
