The euro is the currency of euro area member states, so they share single currency.
The Treaty on European Union signed in Maastricht on 7 February 1992, which entered into force on 1 January 1993, brought detailed provisions on Economic and Monetary Union.
The process of creating EMU consisted of 3 phases:
The first phase focused on the convergence of economic policies of Member States and to remove barriers to free movement of capital.
During the second stage, Member States are focuse...
Recently, there have been much debate on the issue of financial crises and subsequently the governments as they exert their influence through the power of taxation and spending. Right thanks to their power, the governments play the key role in regulating the state economic activities and this is how they might affect current financial crises indeed. Annually, the governments worldwide approve their budgets which consist of the outlays and revenues. While the outlays consist mainly of the transfe...
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