Monetary union in practice: lessons from European Monetary Union.

Abstract

This paper discusses the nature of the environment and the actual practice of monetary integration in the European Monetary Union, which is regarded as the most successful among its peers in the world. The outcome of this paper should be able to provide readers and listeners with the elements that bring about this success story. The paper is divided into five sections including this introduction. Section 2 explains the definition, criteria and forms of monetary integration while Section 3 contains the core of the paper which describes the practice of monetary integration in the European Union (EU). Section 4 is the final section and contains summary and concluding remarks.