Abstract
The introduction of the common currency, the Euro, managed by a common central bank, the European Central Bank (ECB), is the most obvious sign of the Economic and Monetary Union (EMU) that has started on January 1, 1999. The road to EMU was set out in the 1989 Report of the Delors Committee and the 1991 Maastricht Treaty on EMU. The monetary part of EMU forms the replacing of national currencies by a common currency and implies the last step in completing the process of monetary and financial integration in the European Union (EU). In EMU, national monetary policy is replaced by common monetary policy managed by a common monetary institution, the ECB.
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