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Information about Economic And Monetary Union

Trade Series
 •  • [ e]
International trade
History of international trade
Free trade
Protectionism
Trade pact
Trade bloc
Preferential trading area
Free trade area
Customs union
Trade creation
Trade diversion
Monetary union
Common market
Economic and monetary union
Also see Economic and Monetary Union of the European Union.


An economic and monetary union is a single market with a common currency. It is to be distinguished from a mere currency union (e.g. the Latin Monetary Union in the 1800s), which does not involve a single market.

This is the fifth stage of economic integration.

EMU is established through a currency-related trade pact.

List of Economic and Monetary Unions

Current

  • The largest economic and monetary union at present is the Eurozone. The Eurozone consists of the European Union member states that have completed the third stage of the EMU by adopting the Euro. Some non-EU members have also adopted the Euro, but they are not part of this EMU.

Proposed

Defunct

See also

External links

International trade is the exchange of goods and services across international boundaries or territories. In most countries, it represents a significant share of GDP. While international trade has been present throughout much of history (see Silk Road, Amber Road), its economic,
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history of international trade chronicles notable events that have affected the trade between various countries.

In the era before the rise of the nation state, the term 'international' trade cannot be literally applied, but simply means trade over long distances; the sort
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Free trade is a market model in which trade in goods and services between or within countries flow unhindered by government-imposed restrictions. Restrictions to trade include taxes and other legislation, such as tariff and non-tariff trade barriers.
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Protectionism is the economic policy of restraining trade between nations, through methods such as tariffs on imported goods, restrictive quotas, a variety of restrictive government regulations designed to discourage imports, and anti-dumping laws in an attempt to protect domestic
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Economic policy
Monetary policy
Central bank   Money supply
Fiscal policy
Spending   Deficit   Debt
Trade policy
Tariff   Trade agreement

Finance
Financial market
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trade bloc is a large free trade area formed by one or more tax, tariff and trade agreements. Typically trade pacts that define such a bloc specify formal adjudication bodies, e.g. NAFTA trade panels.
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Preferential Trade Area is a trading bloc which gives preferential access to certain products from certain countries. This is done by reducing tariffs, but does not abolish them completely.
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free trade area is a designated group of countries that have agreed to eliminate tariffs, quotas and preferences on most (if not all) goods between them.

It can be considered the second stage of economic integration.
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customs union is a free trade area with a common external tariff. The participant countries set up common external trade policy, but in some cases they use different import quotas. Common competition policy is also helpful to avoid competition deficiency.
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Trade creation is an economic term related to international economics in which trade is created by the formation of a customs union.


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Trade diversion is an economic term related to international economics in which trade is diverted from a more efficient exporter towards a less efficient one by the formation of a free trade agreement.
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monetary union is a situation where several countries have agreed to share a single currency (also known as a unitary or common currency) among them, for example, the East Caribbean dollar.
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European Union

This article is part of the series:
Politics and government of
the European Union


Treaties
Rome Maastricht (Pillars)
Amsterdam Nice Reform
Institutions
Commission President Jos Manuel Barroso
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Common Market is a customs union with common policies on product regulation, and freedom of movement of all the three factors of production (land, capital and labour) and of enterprise.
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monetary union is a situation where several countries have agreed to share a single currency (also known as a unitary or common currency) among them, for example, the East Caribbean dollar.
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The Latin Monetary Union (LMU) was a 19th century attempt to unify several European currencies into a single currency that could be used in all the member states, at a time when most national currencies were still made out of gold and silver.
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Economic integration is a term used to describe how different aspects between economies are integrated. The basics of this theory were written by the Hungarian Economist Béla Balassa in the 1960s. As economic integration increases, the barriers of trade between markets diminishes.
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Economic policy
Monetary policy
Central bank   Money supply
Fiscal policy
Spending   Deficit   Debt
Trade policy
Tariff   Trade agreement

Finance
Financial market
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The Eurozone (also called Euro Area, Eurosystem or Euroland) refers to the European Union member states that have adopted the euro currency union. The European Central Bank is responsible for monetary policy within the zone.
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A European Union member state is any one of the twenty-seven countries that have joined the European Union (EU) since its inception in 1958 as the European Economic Community (EEC).
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European Union

This article is part of the series:
Politics and government of
the European Union


Treaties
Rome Maastricht (Pillars)
Amsterdam Nice Reform
Institutions
Commission President Jos Manuel Barroso
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Euro
Ευρώ (Greek)
Евро[1]
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Euro
Ευρώ (Greek)
Евро[1]
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European Union

This article is part of the series:
Politics and government of
the European Union


Treaties
Rome Maastricht (Pillars)
Amsterdam Nice Reform
Institutions
Commission President Jos Manuel Barroso
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Seat of Secretariat
(and largest city)
Official languages English 4
Membership

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Headquarter Abuja, Nigeria
627′N, 323′E]
Largest city Lagos, Nigeria
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Anthem
To Be Determined

Headquarters
(and largest city)
Membership 5 East African states

Leaders
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Type Trade bloc
Membership Arab Gulf states (6)
Leaders
 -  Secretary-General Abdul Rahman ibn Hamad al-Attiyah
Establishment
 -  As the Gulf Cooperation Council (GCC)
May 25 1981 
Population
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Headquarters
(and largest city)
Working languages English, French, Portuguese
Membership 15 African states
Leaders
 -  Secretary General Tomaz Salomão
Establishment
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Pro Tempore Secretariat Brasília

Official languages
4

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