... shall examine the problems and possibilities of European Monetary Union in order to determine whether EMU is beneficial to all that have taken part, and to discover where Economic Monetary Union is headed. In order to be part of the Economic Monetary Union, the member countries adopted the Euro as their currency and became part of the Euro Zone. This increased the power both economically and politically for the European Union, as there are gains in prestige and political power associated with a common monetary policy.2(Tsoukalis) The European Union is now compared relatively with America as a large economic power with a single currency; this makes trading with the rest of the world easier as it will "increase the relative political weight of the countries involved with EMU"3(p12). The EU can use this new power to become more confrontational in world affairs. Implementation of Economic Monetary Union means an end ...

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