To join economic and monetary union (EMU), Hungary must have a budget deficit of less than 3% of GDP.

ECONOMIST: Budget turnaround | The

Economic and Monetary Union (EMU) was supposed to banish the competitive devaluations that threatened the single market in the early 1990s.

ECONOMIST: Staring into the abyss

Will European Economic and Monetary Union (EMU) still exist?

ECONOMIST: The World in 2036

Yet by the time a 1991 European summit was held in the Dutch city of Maastricht, a plan for economic and monetary union (EMU) was written into a new EU treaty, to be ratified by member states later.

ECONOMIST: Holding together