Finally, by implementing the EMA, this agreement should help Europe move towards a comprehensive monetary union.  The EMA was a framework put in place to advance the work of the European Payments Union, which is responsible for cooperation on the exchange of goods and services between countries.  The EMA hoped to support the European Economic Community. It hoped to achieve this through a stable exchange rate, a coherent economic policy and a Union where factors of production such as capital and, in particular, labour, were ready to move freely.  The most striking example of a monetary union at the turn of the twenty-first century was the creation of a single currency among most of the countries of the European Union (EU) – the euro. This example shows the interaction of economic and political factors in the creation of a monetary union. From an economic point of view, a monetary union helps to reduce transaction costs in an increasingly integrated regional market. It also contributes to increasing price transparency and thus increasing intra-regional competition and market efficiency. In addition, a monetary union was seen as an essential step towards further political integration of the EU. The EMA had short-term repercussions, but also played a role in the definitive creation of the European Union.  The European Union is the current monetary union, with a single currency, the euro, with a high degree of cooperation and integration between Member States.  The EMA has contributed to the existence of a single currency and a central bank.
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