Definition of Economic and Monetary Union from the Oxford Advanced Learner's Dictionary

 

Economic and Monetary Union

 
BrE
 
; NAmE
 
(also European Monetary Union)(abbreviation EMU)
 
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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 2002 in 12 EU countries.

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