Common monetary policy, according to its nature and established principles of formation and implementation, is unique policy of the Community. Its importance for the EU existence requires clearly divided competence in its sphere. Regardless exclusive monetary policy competence of the Community, euro-zone members obtained a wide range of opportunities for active participation in creation, formation and implementation of monetary policy, both through the institutional system and through the political interest influence.

Introduced graduation thesis engaged in chosen implications on joining the euro area by the Czech Republic. The main target is to find the response for question: How much contributive is to enter the European Monetary Union (EMU)? The thesis is divided into five chapters. The first one includes historical and political development of European monetary integration, institutional effectiveness and economic development analysis of EMU. Following section considers the topic of EMU as a optimum currency area – objective conditions are also tested by way of Czech Republic example. Here I came to the conclusion that conditions of optimum currency area are not satisfied in many respects. Chapter number three describes the topic of nominal convergence, chapter number four describes the topic of real and price level convergence. Czech Republic is being characterized by low price level whose stepwise fitting is expected to become more complicated by virtue of using common monetary policy. Cost-benefit analysis of joining EMU is mentioned in last chapter. The most significant cost is accounted a loss of independent monetary policy, on the other hand the stable exchange rate is believed to be the most considerable benefit. The recommendation stating that Czech Republic is advised to join EMU later date is mentioned in final conclusion.