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For all those involved the "Euro" was born and previous legal tender within these countries were withdrawn. What EMU actually involved was a uniformed monetary policy with common interest rates throughout the zone. "The long process of monetary integration was capped by the successful creation of EMU and European central bank 1999, and the remarkably smooth introduction of the Euro on 1st January 2002." (Wallace et al 2005, page 142).
The main aspects of EMU consisted of the setting of interest rates through the newly created central bank for all those in the zone. For all members this meant a move from previous intergovernmental power to supranational power with regards to decisions made in all areas relating to EMU...
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