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The European Economic and Monetary Union

Decisions on membership of the first round of EMU and the Presidency of the European Central Bank (ECB) were taken on the weekend of 2-3 May. There will be a broad monetary union including 11 of the current 15 members of the European Union and the European Monetary System central parities have been agreed as bilateral conversion rates. The final stage of the process leading to monetary union is scheduled to commence in January 1999.