European Monetary Institute
The European Monetary Institute (EMI) was established on January 1, 1994, as a precursor to the European Central Bank ( ECB ). The EMI's job was to compile a report on which member countries of Europe had got their economies into shape so as to meet the Maastricht convergence criteria for full currency union.
That report was presented at a meeting of EU finance ministers and heads of state in Brussels on May 1-2, 1998. Of the then 15 EU countries, three (the UK, Sweden and Denmark) elected not to take part in EMU while Greece failed to qualify on the required economic criteria.
The other 11 countries in the EU at the time - Portugal, Spain, France, Ireland, Belgium, Luxembourg, the Netherlands, Germany, Austria, Italy and Finland, proceeded with EMU.