The European Union 's Economic and Monetary Union (EMU) is characterized by the:

Question

The  European Union 's Economic and Monetary Union (EMU) is characterized by the:

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Harmonization of both monetary and fiscal policies among member states

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Existence of a single  monetary policy  and currency, but varying fiscal policies

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Establishment of a customs union but no single currency

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Absence of both a single currency and common fiscal policies

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