European Monetary Union

 
Pronunciation: /ˈjʊərəpiːənˈmʌnɪtriˈjuːniən/
(abbreviation: EMU)
  • a European Union programme intended to work towards full economic unity in Europe based on the phased introduction of a common currency (the euro). The programme was announced in 1989; the second stage came into effect on 1 January 1994 under the terms of the Maastricht Treaty, and in 2002 the euro replaced the currencies of twelve European Union countries (see euro1).