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Ekonomski fakultet u Subotici, University of Novi Sad , Novi Sad , Serbia
Ekonomski fakultet u Subotici, University of Novi Sad , Novi Sad , Serbia
Ekonomski fakultet u Subotici, University of Novi Sad , Novi Sad , Serbia
A currency area within the economic of space with a single market - the common economic conditions, environmental and macro-economic objectives, which shares the same currency, makes a monetary union. One of the biggest monetary experiments in the history is the creation of the European Monetary Union (EMU) in which the states have abandoned sovereign national currencies and introduced a unique hitherto non-existent currency - the euro. The euro is the official currency of the European Economic and Monetary Union and the single currency of about 300 million people, 16 countries of the Union. All countries which wanted to join the EMU had to meet certain conditions for at least two years before entry, at the time of the entry and during their stay in the EMU. The authors start from the concept of EMU, the problem of the emergence of the EMU, the entry conditions, the advantages and disadvantages of joining the euro area, as well as recent developments in the eurozone. The aim of this paper is to present the European Monetary Union - what it is, its development over time, and which problems are faced by the candidate countries in the past, and by which now before and during to entry into the EMU.
European Monetary Union, concept and creation, convergence criteria, Greek scandal, actual moment in the EMU.
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