Economic and Monetary Union of the European Union and Euro banknotes

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Difference between Economic and Monetary Union of the European Union and Euro banknotes

Economic and Monetary Union of the European Union vs. Euro banknotes

The Economic and Monetary Union (EMU) is an umbrella term for the group of policies aimed at converging the economies of member states of the European Union at three stages. Banknotes of the euro, the currency of the Eurozone, have been in circulation since the first series was issued in 2002.

Economic and monetary union

An economic and monetary union is a type of trade bloc which is composed of an economic union (common market and customs union) with a monetary union.

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Euro

The euro (sign: €; code: EUR) is the official currency of the European Union.

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Euro coins

There are eight euro coin denominations, ranging from one cent to two euros (the euro is divided into a hundred cents).

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Eurogroup

The Eurogroup is the recognised collective term for informal meetings of the finance ministers of the eurozone—those member states of the European Union (EU) which have adopted the euro as their official currency.

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European Central Bank

The European Central Bank (ECB) is the central bank for the euro and administers monetary policy of the euro area, which consists of 19 EU member states and is one of the largest currency areas in the world.

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European System of Central Banks

The European System of Central Banks (ESCB) consists of the European Central Bank (ECB) and the national central banks (NCBs) of all 28 member states of the European Union (EU).

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European Union

The European Union (EU) is a political and economic union of EUnum member states that are located primarily in Europe.

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Eurozone

No description.

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Maastricht Treaty

The Treaty on European Union (TEU; also referred to as the Treaty of Maastricht is one of two treaties forming the constitutional basis of the European Union (EU), the other being the Treaty on the Functioning of the European Union (TFEU; also referred to as the Treaty of Rome). The TEU was originally signed on 7 February 1992 by the members of the European Community in Maastricht, Netherlands to further European integration. On 9–10 December 1991, the same city hosted the European Council which drafted the treaty. Upon its entry into force on 1 November 1993 during the Delors Commission, it created the three pillars structure of the European Union and led to the creation of the single European currency, the euro. TEU comprised two novel titles respectively on Common Foreign and Security Policy and Cooperation in the Fields of Justice and Home Affairs, which replaced the former informal intergovernmental cooperation bodies named TREVI and European Political Cooperation on EU Foreign policy coordination. In addition TEU also comprised three titles which amended the three pre-existing community treaties: Treaty establishing the European Atomic Energy Community, Treaty establishing the European Coal and Steel Community, and the Treaty establishing the European Economic Community which had its abbreviation renamed from TEEC to TEC (being known as TFEU since 2007). The Maastricht Treaty (TEU) and all pre-existing treaties, has subsequently been further amended by the treaties of Amsterdam (1997), Nice (2001) and Lisbon (2009).

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Member state of the European Union

The European Union (EU) consists of 28 member states.

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