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Union (EMU). The activity of the Union’s institutions under this framework includes
the determination of exchange parities, the introduction of a single currency (the Euro)

and the determination and formulation of a single monetary and currency policy, aiming
at stable prices, the containment of wages and the deterrence of inflationary tendencies

decreasing the income of employees, the healthy public finances, the sound monetary
conditions and the stable balance of payments. The aims and targets of the European

Union are stated in article 2 of the EU Treaty and are identical to the aims of the

European Community. Besides, nonetheless, the aims of economic nature (the first
pillar of the European Union), the Union has further as targets under article 2 of the EU

Treaty the following: i. to affirm its identity in the international scene, especially
through the implementation of a common foreign and security policy (CFSP: the second

pillar), including the in due time common defence policy-making and a common
defence (hereto is related also the matter of the European army), ii. to strengthen the

protection of the rights and interests of the member-state nationals through the

establishment of the EU citizenship, iii. To preserve and develop the Union as an area
of freedom, security, and justice, through which there is safeguarded the free movement

of persons in combination with the appropriate measures as to the checks in the external

borders, immigration and the prevention and repression of crime (the third pillar).