Second, this Single Market project was supplemented by the single currency, the euro, which has been introduced in, thus far, 11 of the 15 Member States of the European Union.
Economic and Monetary Union has created a “zone of stability” in Europe, by eliminating exchange rate fluctuations between these eleven countries, by establishing a common monetary policy aimed at price stability for the area as a whole and by the commitment of the fiscal authorities to the Stability and Growth Pact.