The Latin Monetary Union lasted 61 years. Whilst all 27 EU Member States take part in the economic union, some countries have taken integration further and adopted the euro. Launched in 1992, EMU involves the coordination of economic and fiscal policies, a common monetary policy, and a common currency, the euro. It eliminates all border controls between members. as EMU. The Economic and Monetary Union (EMU) represents a major step in the integration of EU economies. This refers to the succeeding protocol to the original EMS European Monetary System. This example demonstrates the interplay of economic and political factors in the process of setting up a monetary union. The full name of this is the European Economic and Monetary Union. Exploring the origins of and progress toward the introduction of the euro, the contributors focus on the importance of economic and monetary union (EMU) as part of the larger process of European integration. The Economic and Monetary Union (EMU) represents a major step in the integration of EU economies. In the proper sense, the Union refers to itself as "European Economic and Monetary Union", i.e. The European Monetary Union is also known by its long-time acronym of EMU. The most prominent example of a monetary union at the turn of the 21st century was the creation of a single currency among most European Union (EU) countries—the euro. The European Economic and Monetary Union (EMU) is really a broad term, under which a group of policies aimed at the convergence of European Union member state economies. ... For money and history geeks like me there are clear lessons from the last European common-currency … EMU, the European Monetary Union, is an alliance of the 19 European states that belong to the European Union and have introduced a common currency with the euro. It means the combining of European Union member nations into a frame work for a centralized economic policy set and system. The open border allows the free flow of goods and people, except for random spot checks for crime and drugs. The European Union is a unified trade and monetary body of 27 member countries. 1  How the Economic and Monetary Union works The Economic and Monetary Union is not an end in itself.