Using data from 19 countries of the European Monetary Union (EMU), this paper examines the nature of tourism performance and the ranking of countries according to given parameters in tourism in the period 2012-2017. As tourism cannot be analyzed as an isolated scientific discipline, it is necessary to use a multidimensional and multicriteria approach when studying and researching this field. For this reason, this paper implements a simple methodology for measuring tourism performance in EMU countries using the multicriteria PROMETHEE-GAIA decision model. The paper will, through the analysis of 8 parameters important for the development and evaluation of the tourism industries (number of foreign tourists, number of domestic tourists, quantity of hotel accommodation, cost of living, air pollution, population density, length of railway and number of airports), rank the mentioned countries and provide a deeper analysis of individual parameters. For the entire period of observing and reviewing the performance of the tourism industry, the results of the paper will outline the performance evaluation as well as policy recommendations and conclusions for further consideration and analysis.

A relatively successful functioning of the European Economic and Monetary Union

Through joining the European Economic and Monetary Union a heterogeneous influence of member states cannot be avoided but all countries follow the logic of the economic benefits of unification. Besides reducing transaction costs, greater transparency in prices and the elimination of the uncertainty of exchange rate fluctuations, there is a great impact of open borders on increasing trade between member states. Therefore in this article we will analyze the Andrew Rose effect which estimated that countries with same currency trade over three times as much with each other as countries with different currencies. Through objective and systematic analysis we well conclude that the positive effect of monetary integration on increasing of international trade should be carried out in absolute and relative terms.