Toward a More Perfect Union: Evolution of the European Currency Unit

Abstract

The European community has been making a diligent effort to establish a common currency to enhance its position in the world marketplace. Though efforts have been quite exhaustive, few outside the continent have a clear understanding of what will ultimately occur and how. The Treaty of Maastricht has developed a blueprint for participating nations that, if followed, will ultimately result in a common currency referred to as the European Monetary Unit (EMU). This article outlines the process by which this critically important currency will evolve.