Economic and Monetary Union (EMU)
a three-stage process for establishing Economic and Monetary Union in the European Communities, proposed by a committee of the European Council in 1989 (although a currency 'snake' was a clear precursor). The first stage simply involves the coordination of existing structures and preparation of consequential and necessary amendments to the Treaties. This stage began on 1 July 1990. The next two stages have not been unanimously taken forward: the establishment of the euro, the single European currency, and the establishment of a European Central Bank.

Collins dictionary of law. . 2001.

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