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The establishment of the European Monetary Union (EMU) is very important for both the European Union and the world economy. To abolish the differences in exchange rates, to promote the development of economic relations, to boost development and employment, and to reach economic stability in member countries are the main causes of establishing the EMU. Together with the formation of the EMU, the EU completed its economic and monetary union and hopes to make transition to the next level (political union stage) emerged. Therefore, the EMU is very important for the EU for both economic and political reasons and its sound operation is vital to the EU. The sound operation of economic and monetary union is positively correlated with the Euro area being the optimum currency area. To determine whether the Euro area is an optimum currency zone and to identify measures that can be taken on the issue have important implications for the future of the Union and its effects on other countries. [ABSTRACT FROM AUTHOR]