A monetary union is often referred to as a "monetary union." There were several objectives to be achieved through the implementation of the European Monetary Agreement, but there was one main objective. The EMA`s objective was to reduce short-term loans, a form of credit obtained between Member States.  It was hoped that the changes made during the passage of payments to the EMA from the European Union would achieve this. The EMA was a short-term phase as part of a long-term plan for Europe`s economic integration.  It has followed previous agreements, all created to stimulate growth and the development of the European economy. This was achieved in particular by the liberalization of trade and the increase in production after the effects of the Second World War.  It was hoped that a high level of trade liberalization could be maintained between the Member States of the Organisation for Economic Co-operation and Development, even if they did not yet have convertible currencies.  The IMF`s objective was to monitor exchange rates and identify countries in need of global financial support. The World Bank, originally called the International Bank for Reconstruction and Development, was created to manage the funds available for aid to countries that had been physically and financially devastated by world War II. In the 21st century, the IMF has 189 member countries and continues to support global monetary cooperation. At the same time, the World Bank is helping to promote these efforts through its loans and grants to governments. With the implementation of the EMA, this agreement should finally help Europe move towards a macroeconomic monetary union.
 The EMA was a framework for advancing the work of the European Payments Union, which was responsible for cooperation on the exchange of goods and services between countries.  The EMA hoped to support the European Economic Community. It hoped to achieve this through a systemless exchange rate system, a single economic policy and an Union in which factors of production such as capital and, in particular, labour could be freely displaced.  Under the European Monetary System (EMS), exchange rates could only be changed if the two Member States and the European Commission agreed. This was an unprecedented move and has drawn widespread criticism. Although after the economic and political integration implemented within the EMA, some countries have favoured an outright system of economic integration.  In the 1950s, after the creation of the EMA, these countries, including Denmark, the United Kingdom, Sweden, Finland and Austria, decided to create their own free trade zones.  These free trade zones have not focused on political integration, but only on achieving countries` economic objectives and policies.
The European Free Trade Association (EFTA) is an example.  The creation of free trade zones such as EFTA has highlighted differences of opinion among EMA member countries.  EFTA also explained how each country had different motivations for what it felt was necessary to achieve economic growth and economic development through integration.   A group of countries (or regions) using a common currency.