The introduction of the euro should be viewed as a product of historical evolution towards an ever deepening integration of Europe which began in earnest with the formation of the European Economic Community in 1957. Currently more than 300 million Europeans in 19 countries are using the common currency on a daily basis. no single currency has circulated so widely in Europe since the day of the Roman Empire. a) explain the convergence of the European monetary union (EMU) or the Euro Currency Union and the arrangements and workings of the European Monetary System (EMS). b) discuss the potential benefit and cost of a monetary union such as the (EMU).