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The European Monetary Union, also called EMU, is a set of European countries that follow the same trade laws and, in some cases, use the same currency. To help navigate the unique laws of the EMU, some companies hire European Monetary Union consultants.
The EMU currency is called the euro, which is why the EMU area is sometimes called the Eurozone. The EMU began forming in May 1998, with eleven European countries participating. The EMU formation was finalized in January 1999. The EMU has grown to include 27 countries, with several candidate countries.
Laws regarding Eurozone trade and the euro currency are set by special governing bodies called the Council of the European Union, the European Council and the European Commission. Consult Business.com for help understanding the Eurozone's various business laws, which are set and enforced by a number of various organizations.
Business consultants working in EMU countries often have a clear understanding of the business laws that pertain to specific Eurozone corporations or companies wishing to branch out into European markets.
In many cases, a business operating in EMU territory must follow both the laws of the individual country and the laws of the European Union. This is where European Monetary Union consultants are especially helpful, assisting business leaders as they navigate the Eurozone's foreign business environment.