Economic and Monetary Union is a project of the European Union based on the harmonization of economic and monetary policies of member states in order to create a single monetary area and greater stability, establish a higher level of cooperation and international trade between member states and introduce the euro as a common currency. Some of the advantages of introducing the euro as a common currency are the absence of exchange rate risks, price transparency, and increased competitiveness in a larger and common market. In order for a member of the European Union to enter the euro area and adopt the euro as its official and only currency, it must meet certain preconditions, which are determined and defined by the Maastricht Treaty, (the Maastricht criteria), i.e. convergence criteria that can be nominal and real. By meeting the criteria of nominal convergence, the candidate countries commit themselves to achieve fiscal stability in the medium and long term, while the criteria of real convergence seek to achieve economic balance and reduce development inequalities between developed and underdeveloped members. The purpose of this paper is to show what conditions need to be met in order to join such a union, to explore the potential costs and benefits of membership and that joining the union for citizens as well as for the domestic economy would bring more advantages than disadvantages. Research of the consequences of the introduction of the euro by comparable countries has shown that the process of introducing and adjustment the economy to the new currency is challenging but in the long run brings many economic benefits in terms of increased investment, increased competitiveness of domestic production in foreign markets and consequent growth of exports.