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EMU |
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Besides, one can observe in the euro area how difficult macroeconomic coordination is even in an economic and monetary union. The EU launched the euro last January in accordance with the 1993 treaty, and 11 nations that joined the European Economic and Monetary Union (EMU)--known as Euroland--fixed their national (legacy) currencies to the euro. European economic integration encompasses three processes: the opening (and regulation) of the internal market for goods, services, persons and capital; the redistribution of resources, mainly through structural policies; and now economic and monetary union (EMU). |
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