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TeachMeFinance.com - explain European Monetary Union (EMU) European Monetary Union (EMU) The term 'European Monetary Union (EMU) ' as it applies to the area of agriculture can be defined as ' either chose not to participate at this time, or did not meet the economic criteria. Under the EMU, the 11 countries have a common central bank (the European Central Bank), and thus a common monetary policy, similar to that of the U.S. Federal Reserve System, and a single currency, called the euro'. Previous 5 Terms: euphobia euphotic zone Eurasia Euro European Community (EC) Next 5 Terms: European Union (EU) eusuchian euthenics Eutrophic eutrophication About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005-2011 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional medical, legal or financial advice. Information presented at TeachMeFinance.com is provided on an "AS-IS" basis. Please read the disclaimer for details.