European Monetary Union: Uniting Economies for a Stronger Future 💶
The European Union decided to create a single currency and central banking system called the Euro through the European Monetary Union (EMU) in the 1990s. This was done to improve economic and monetary cooperation among EU countries. The process started in 1988 and was finalized with the signing of the Maastricht Treaty in 1991. The European Monetary Institute (EMI) was established in 1994 as a precursor to the European Central Bank (ECB). The goal was to have a unified monetary policy and central banking system for all EU countries.