Under a European monetary union,

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Under a European monetary union, member countries would share a common currency and monetary policy. This means that regional shocks to demand (such as an economic downturn in one country) could have a greater impact on income and employment in member countries, as they would not be able to adjust their exchange rates to mitigate the effects of the shock. The European Central Bank (ECB) would have greater authority over monetary policy than individual national central banks. The currencies of member countries would no longer float independently against the Euro, as they would be replaced by the common currency. The gold standard would not be reestablished, as it is an outdated system that has been largely abandoned by most countries.

Under a European Monetary Union