After establishing a single market in the early 1990s, the integration culminated in 1999 with the introduction of the euro in initially 11 EU Member States, which were joined by Greece in 2001, and with the conduct of a single monetary policy by the ECB.
This ended the formal process of EMU integration for these countries, but not the underlying economic processes and adjustments as they are constantly evolving. The share of intra euro area trade of goods as a percentage of GDP increased for most of EMU countries and currently stands on average at around 38%.