III. Introduction into the development and the operation of the European economic and monetary union
III. Introduction into the development and the operation of the European economic and monetary union

Author(s): Zoltán Angyal
Subject(s): Supranational / Global Economy, EU-Approach / EU-Accession / EU-Development
Published by: Publishing Inc. European Readings & Prodifmultimedia/Editura Napoca Star
Keywords: monetary union; economic integration
Summary/Abstract: The integration accomplishments of the last decades of the 20th century were a great progress on the way to the European unity. In this period, a group of European states reached a high level of economic integration that no other states with similar historical background had been able to. This form of integration, the Economic and Monetary Union became known as EMU both generally and in the technical literature. The establishment of EMU can be valued as a key turning point of the European integration process lasting for over half a century, whose most visible result was the introduction of the single currency. From this viewpoint, the main consequence of the EMU is the fact that the European thought has become tangible for many hundreds of millions of European citizens until now. The physical introduction of the Euro contributes to strengthening of the European identity indisputably. Until then, there was a very long way to go. Numerous political, financial, economic, and last but not least, institutional and legal conditions had to be fulfilled for this plan to come true. One of these was the establishment and successful running of an institutional system, which can help to determine and to carry out the common monetary policy.

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