The European Economic and Monetary Union (EMU) combines several of the European Union (EU) member states into
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Also referred to as the Eurozone, the European Economic and Monetary Union (EMU) is quite a broad umbrella, under which a group of policies has been enacted aimed at economic convergence and free trade among European Union member states. The EMU's development occurred through a three-phase process, with the third phase initiating the adoption of the common euro currency in place of former national currencies. This has been completed by all initial EU members except for the United Kingdom and Denmark, who have opted out of adopting the euro. The U.K. subsequently left the EMU in 2020 following the Brexit referendum.
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Money Banking and Financial Markets
ISBN: 978-0078021749
4th edition
Authors: Stephen Cecchetti, Kermit Schoenholtz
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