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Importance of Euro
Economic and Monetary Union is based on the Member States' commitment to work together. This is possible through a number of mechanisms that facilitate policy coordination and close co-operation.
Along with more political integration, the euro is also part of building a European identity among its citizens, alongside the national identities that preserve European diversity. Indeed, the ‘united in diversity’ nature of the European Union is also seen in the euro coins, with common designs on one side and a country-specific design on the other.
• The benefits of the euro are various and are felt on different scales, from individuals and businesses to whole economies
• The single currency brings new strengths and opportunities arising from the integration and scale of the euro-area economy, making the single market more efficient.
• The euro does not bring economic stability and growth on its own.
• This is achieved first through the sound management of the euro-area economy under the rules of the Treaty and the Stability and Growth Pact, a central element of Economic and Monetary Union.
• Second, as the key mechanism for enhancing the benefits of the single market, trade policy and political co-operation, the euro is an integral part of the economic, social and political structures of today’s European Union.
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