This paper is about the European Economic and Monetary Union. Basically, this paper explains what the European Economic and Monetary Union is about. This paper answered the questions about the qualifications set by the European Commission to states who want to join the economic and monetary union. It also answered what gains could the member states get from joining the economic and monetary union, and also the costs for joining. This paper also tackled about the optimum currency area, if Europe is one. This paper also elaborated the single currency, its common advantages and disadvantages. The single currency has been and is still being adopted up to this date by new European Union members. Adopting the single currency is good especially if a country is still on the verge of development because adopting the single currency helps in developing the economic growth of a country.
This paper used the Liberal inter-governmentalism as its theoretical approach because this approach states that the best interest of the member states are still the main priority. And it should well be the main priority because if they put the interest of the members first, there is no other way but upwards for those who joined the economic and monetary union.
The European Union has paved a way for their Economic and Monetary Union. The Economic and Monetary Union is an economic integration in the European Region which aims to unify members of the European Union. The Economic and Monetary Union also offers the exclusiveness of the single currency. Regional Economic Integration is also one of the aims of the European Economic and Monetary Union. This paper elaborates the gains and costs, and qualification of joining the Economic and Monetary Union. It also explains the effects of adopting the single currency, its regional setbacks and national impacts. The European Central Bank, its policies and implications with regards to the regional economic integration and the single currency.