Search

Nearby Terms

ECGD
ECB
economic and monetary union

economic and monetary union

definition

The European policy of financial consolidation that followed the European Monetary System (EMS). The European economic and monetary union unfolded in three phases that culminated in the introduction of the Euro as a common currency for use within member states of the European Union that have adopted it. Among the founding members, only Great Britain and Denmark elected to retain their national currencies that continue to fluctuate relative to the Euro on the forex market.

Related Terms

 • EMU