I better be clear about a few European terms. EMU stands for Economic and Monetary Union. It isn’t European Monetary Union. Infact there apparently is nothing official called as European Monetary Union.
What we loosely call as EMU where 17 econs share a single currency Euro is basically euroarea which is not even a proper noun. It is based on the earlier dollar area, sterling area etc.
Richard Baldwin addresses a few such issues in this terrific post. He looks at the results of the Eurozone break up contest and says why all this ignorance is leading to some serious wrong prescriptions.