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While the aspect of monetary union is clear, the far-reaching effects of economic union between countries could be considered a cause for debate.
en.wikipedia.org Such stimulus may not be possible if states in a monetary union are not allowed to run sufficient deficits.
en.wikipedia.org They emphasised that the intention was not to establish a fiscal union in the short term, but to make the monetary union more resilient to crisis.
en.wikipedia.org A monetary union, the eurozone, was established in 1999 and is composed of 17 member states.
en.wikipedia.org Phase 1 of the monetary union process was scheduled to conclude in 1996.
en.wikipedia.org