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European Monetary Union

The European Monetary Union (EMU) is an economic and monetary union of 20 of the 27 European Union (EU) member countries who have adopted the euro as their official currency. The EMU is managed by the European Central Bank (ECB), which sets monetary policy for the currency union as a whole. The EMU was established in 1999 with the goal of increasing economic integration and stability among member countries.

Croatia became the 20th member nation to join the Euro on the 1st of January 2023.

To join the EMU, a country must meet certain criteria, including having a stable price level, low levels of government debt and inflation, and a strong and stable financial system.

Once a country joins the EMU, it gives up its national currency and adopts the euro as its official currency.

The EMU has been successful in increasing trade and investment among member countries, reducing transaction costs for businesses and consumers, and providing a stable currency for the region.

However, the EMU has also faced challenges, including the global financial crisis of 2008 and the sovereign debt crisis of 2010-2012, which highlighted the need for stronger fiscal discipline and economic coordination among member countries.

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