European Economic and Monetary Union: Why Should We Care?

The efforts in the European Community (EC)to bring about European Economic and Monetary Union (EMU) will have a profound impact on all countries who do business with the community. Therefore, an understanding of the three stages of EMU and EMU's relationship to the EC's initiative for a Single Market by the beginning of 1993 is essential. This paper will discuss the background of the EC, the facets of EMU and how EMU is linked to the larger effort for european union. The European Community's initiatives for economic harmonization are part of a larger vision of social and political union. It is uncertain how far and how fast european unity will proceed. Yet, by the year 2000 it is certain that the character of Europe will have changed. The significance of this change for the United States is substantial and must be reflected in U.S. policy toward Europe. It is possible that in the next century the world will know a new 'European' citizen living in a federation called the 'United States of Europe'.