A system of integration between participating members of the European Union.
The successor to the European Monetary System, the Economic and Monetary Union consists of three stages that culminates to integration of its participating members through a single currency.
Except for a couple of European Union (EU) members such as Denmark and the UK, all initial members have converted to the single currency: Euro.
For more on the 3 stages, please read the ECB’s write-up.










