European Monetary Union (EMU)

The European Monetary Union (EMU) is the body responsible for defining the processing requirements for currencies that currently participate in the euro currency scheme. Twelve members of the European Union (EU) adopted the euro (ISO code EUR) as their national currency effective 1 January 2002. The countries that comprise the European Monetary Union are Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain.

As of May 2003, EU members who are not using the Euro are Sweden, Denmark and the United Kingdom. In April of 2003, the European Commission (EC) approved the entry of an additional 10 Countries into the EU. Though adoption of the euro is not a precondition, it is expected that some, if not all, prospective members will choose to convert their own national currencies upon accession.