History of the EMU

The Copenhagen criteria is the newest set of conditions of entry for states wanting to join the EU. It contains the requirements that need to be fulfilled and the time framework within which this must be done in order for a country to join the monetary union. The 10 new countries that acceded to the European Union in 2004 all intend to join third stage of the EMU in the next ten years, though the precise timing depends on various economic factors. To date, four of these countries have done so, Slovenia (1 January 2007), Cyprus and Malta (1 January 2008), and Slovakia (1 January 2009). Similarly, those countries who are currently negotiating for entry will also take the euro as their currency in the years following their accession. (See Enlargement of the European Union.)Prior to adopting the euro, a member state has to have its currency in the European Exchange Rate Mechanism (ERM II) for two years. Denmark, Estonia, Latvia, and Lithuania are the current participants in the exchange rate mechanism.

EMU is sometimes referred to as European Monetary Union, actually it means Economic .

* 1 History of the EMU
o 1.1 Stage One: 1 July 1990 to 31 December 1993
o 1.2 Stage Two: 1 January 1994 to 31 December 1998
o 1.3 Stage Three: 1 January 1999 and continuing
* 2 Criticism
* 3 See also
* 4 References
* 5 External links

First ideas of an economic and monetary union in Europe were raised well before establishing the European Communities. For example, already in the League of Nations, Gustav Stresemann asked in 1929 for a European currency (Link) against the background of an increased economic division due to a number of new nation states in Europe after WWI.