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members pooled the coal and steel industries to begin the integration process. In January 
of 1993, a single market where goods, services, people and capital could move freely was 
created with the establishment of the Economic Monetary Union (EMU). The EMU is 
based on two concepts: the coordination of economic policies and the European System of 
Central Banks (ESCB). Currently, the European Union is moving towards Economic 
Integration with the creation of the Economic Monetary Union and the introduction of a 
single currency, the Euro. This will  create a single market and remove transaction costs 
brought about by currency conversions and the uncertainties of exchange rate stability. This creation of a single market and the system of central banks will reinforce international 
stability. The Single European Currency -the EURO 
The Economic and Monetary Union (EMU) will take effect in 
January 1, 1999, and the Euro currency will be introduced in the 
following participating countries: Austria, Belgium, Finland, Germany, 
Ireland, Italy, Luxembourg, Portugal, Spain, and the Netherlands. The Economic Monetary Union was created with the signing of the 
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The Review: