Economic and Monetary Union (EMU) is a single currency area within the European Union single market in which people, goods, services and capital move without restrictions. It creates the framework for economic growth and stability and is underpinned by an independent central bank and legal obligations on the participating Member States to pursue sound economic policies and to coordinate these policies very closely.As trade between the EU Member States reaches 60% of their total trade, EMU is the natural complement of the single market. This market will work more efficiently and deliver its benefits more fully with the removal of high transaction costs brought about by currency conversions and the uncertainties linked to exchange rate instability. EMU and the economic performance of the Euro area will have their largest external effects on neighboring economies in western Europe and on developing and transition countries with important trade and financial links to Europe, including countries that link their currencies to the Euro. Among emerging market economies, those likely to be most affected are the transition countries of the central and Eastern Europe and the Baltics.The global e
In this particular scenario No.3, the accession negotiations of the Union with Turkey is mentioned. I personally think without the contributions of the Eastern Europe and the Baltics the future objectives of the Euro and the European Union can not be accomplished. Especially the future admission of Turkey to the Union is vital regarding the geographical position of this
[4] Europe: Euro's in-and-out club, The Economist, London; Oct 16, 1999; Vol. 353;
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