THE EMU

The Economic and Monetary Union (EMU) of the European Union has procee ded to the second phase on the road towards the third phase which incl udes the introduction of a single currency, the euro, and a common Eur opean Central Bank System. This article presents how the EMU is suppos ed to be built, how it is supposed to function and how the project wil l be realized. The approach is a general one and the article does not deal with the EMU from a Finnish perspective.