The European Monetary Union (EMU) is an integral part of the European Union. All the Member States of the EU
participate in the EMU one way or another. When a country joins the EU, it becomes a country with derogation. Full
membership in the EMU is achieved by the adoption of the euro.
The EMU stands on two pillars: the first pillar, which is relevant to all Member States, is consists in harmonised economic and fiscal policy. To that end, all Member States compile regular economic programmes (stability or convergence programmes), which are then coordinated among themselves and with the European Commission. The programmes are oriented to the maintenance of balanced budget as provided in the Stability and Growth Pact and in case of non-euro area countries also to meeting the Maastricht criteria.
The other pillar of the EMU is the common monetary policy, which is pursued by the European System of Central Banks and the European Central Bank. The goal is low inflation (price stability).
Estonia's Updated Convergence Programme (2010)