The European Monetary Union and the Euro At their last summit in Madrid, the leaders of the European Union confirmed their intention to press ahead with Monetary Union according to the timetable and conditions laid out in the Maastricht Treaty. While the summit also filled in some of the detail of the transition to a single currency, including christening it with the name of the "Euro", there are still important matters to be decided. These include not only who exactly will be in the first group of countries to take part in the single currency, but the exchange rate relationship - if any - between the "ins" and the "outs", and the way in which the fiscal crite