What is the main feature of a Monetary Union in the EU?

The main feature of a Monetary Union in the EU is the establishment of a single currency. This is exemplified by the Euro, which is used by many EU member states. A single currency facilitates easier trade and investment between countries, eliminates the exchange rate risks, and promotes price stability and economic integration across member states. In a Monetary Union, countries coordinate their monetary policies to enhance economic stability and collaboration, which is crucial for a unified economic area.

The concept of having multiple currencies does not align with the intent of a Monetary Union, as it would counteract the benefits of having a consistent and stable means of exchange across member countries. Promoting currency speculation would undermine the stability and intended economic cohesion that a Monetary Union seeks to establish. Similarly, the abolishment of national banks is not a defining feature, as while national banks may play different roles, they still exist to manage national monetary policies in conjunction with the central governance of the Monetary Union.