European Economic and Monetary Union is the final step in the process of creating a single economic market among member nations of the European Union (EU). Through Economic and Monetary Union, also called EMU, EU members will finish combining their markets for goods, labor, and capital into one. This single market will save resources and make it easier for companies in different countries to do business with one another. A major task of EMU was to replace the many national currencies in the EU with one currency, called the euro. See Euro.