The single currency adopted by most member-countries of the European Union. It was introduced in 1999 as part of the third stage of Economic and Monetary Union (EMU). Countries wishing to adopt the euro must achieve (and maintain) certain agreed economic, fiscal and monetary targets, and are legally obliged to coordinate economic policies. Monetary policy is set by the European Central Bank (ECB). The economic area comprising the countries that have adopted the euro is the Eurozone or Euroland.