Definitions of European Monetary Union
an arrangement by which countries within the European Union use similar economic policies and a single currency (the euro)
The UK was under pressure to devalue the pound before joining the European Monetary Union.
the euro area/the Eurozone/Euroland (INF) (=the group of countries that use the euro as a currency)
British people are becoming less skeptical about EMU membership and more willing to give up the pound.