The European Project, also known as the Economic and Monetary Union (EMU), is an initiative of the European Union to create a single currency and economic policy across all member states. The project was launched in 1992 and has since been implemented in stages, with the euro being adopted by 19 of the 28 member states. The EMU is intended to promote economic stability and growth within the European Union, as well as to facilitate trade and investment between member states.