Economic and monetary union - AbsoluteAstronomy.com

An economic and monetary union is a type of trade bloc

Trade bloc

A trade bloc is a type of intergovernmental agreement, often part of a regional intergovernmental organization, where regional barriers to trade, are reduced or eliminated among the participating states.-Description:...

which is composed of an economic union

Economic union

An economic union is a type of trade bloc which is composed of a common market with a customs union. The participant countries have both common policies on product regulation, freedom of movement of goods, services and the factors of production and a common external trade policy.The countries...

(common market and customs union

Customs union

A customs union is a type of trade bloc which is composed of 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...

) with a monetary union. It is to be distinguished from a mere monetary union (e.g. the Latin Monetary Union

Latin Monetary Union

The Latin Monetary Union was a 19th century attempt to unify several European currencies, at a time when most circulating coins were still made of gold and silver...

in the 19th century), which does not involve a common market. This is the fifth stage of economic integration

Economic integration

Economic integration refers to trade unification between different states by the partial or full abolishing of customs tariffs on trade taking place within the borders of each state...

. EMU is established through a currency-related trade pact

Trade pact

A trade pact is a wide ranging tax, tariff and trade pact that often includes investment guarantees. The most common trade pacts are of the preferential and free trade types are concluded in order to reduce tariffs, quotas and other trade restrictions on items traded between the signatories.-By...

. An intermediate step between pure EMU and a complete economic integration

Complete economic integration

Complete economic integration is the final stage of economic integration. After complete economic integration, the integrated units have no or negligible control of economic policy, including full monetary union and complete or near-complete fiscal policy harmonisation.Complete economic...

is the fiscal union

Fiscal union

Fiscal union is the integration of the fiscal policy of nations or states. Under fiscal union decisions about the collection and expenditure of taxes are taken by common institutions, shared by the participating governments...

List of economic and monetary unions

Economic and Monetary Union of the European Union
Economic and Monetary Union of the European Union
The Economic and Monetary Union is an umbrella term for the group of policies aimed at converging the economies of members of the European Union in three stages so as to allow them to adopt a single currency, the euro. As such, it is largely synonymous with the eurozone.All member states of the...

(1999/2002) with the Euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...

for the Eurozone
Eurozone
The eurozone , officially called the euro area, is an economic and monetary union of seventeen European Union member states that have adopted the euro as their common currency and sole legal tender...

members of the European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
de-facto Monaco
Monaco
Monaco , officially the Principality of Monaco , is a sovereign city state on the French Riviera. It is bordered on three sides by its neighbour, France, and its centre is about from Italy. Its area is with a population of 35,986 as of 2011 and is the most densely populated country in the...

- Eurozone
Eurozone
The eurozone , officially called the euro area, is an economic and monetary union of seventeen European Union member states that have adopted the euro as their common currency and sole legal tender...
de-facto the OECS
Organisation of Eastern Caribbean States
The Organisation of Eastern Caribbean States , created in 1981, is an inter-governmental organisation dedicated to economic harmonisation and integration, protection of human and legal rights, and the encouragement of good governance between countries and dependencies in the Eastern Caribbean...

Eastern Caribbean Currency Union
Eastern Caribbean Currency Union
The Eastern Caribbean Currency Union is a development of the Organization of Eastern Caribbean States, this organization is composed of Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines. It is under the supervision of the Eastern Caribbean...

with the East Caribbean dollar
East Caribbean dollar
The East Caribbean dollar is the currency of eight of the nine members of the Organisation of Eastern Caribbean States...

in the CSME
CARICOM Single Market and Economy
The CARICOM Single Market and Economy, also known as the Caribbean Single Market and Economy , is an integrated development strategy envisioned at the 10th Meeting of the Conference of Heads of Government of the Caribbean Community which took place in July 1989 in Grand Anse, Grenada...

(2006)
de-facto Switzerland
Switzerland
Switzerland name of one of the Swiss cantons. ; ; ; or ), in its full name the Swiss Confederation , is a federal republic consisting of 26 cantons, with Bern as the seat of the federal authorities. The country is situated in Western Europe,Or Central Europe depending on the definition....

- Liechtenstein
Liechtenstein
The Principality of Liechtenstein is a doubly landlocked alpine country in Central Europe, bordered by Switzerland to the west and south and by Austria to the east. Its area is just over , and it has an estimated population of 35,000. Its capital is Vaduz. The biggest town is Schaan...

Additionally the autonomous and dependent

Dependent territory

A dependent territory, dependent area or dependency is a territory that does not possess full political independence or sovereignty as a State, and remains politically outside of the controlling state's integral area....

territories, such as some of the EU member state special territories, are sometimes treated as separate customs territory

Customs territory

A customs territory is a territory with individual customs regulations.The most common type of customs territory is the sovereign state and the others are the Trade bloc that has a customs union; and the autonomous or dependent territory that has independence in foreign trade and customs...

from their mainland state or have varying arrangements of formal or de-facto customs union

Customs union

, common market and currency union

Currency union

A currency union is where two or more states share the same currency, though without there necessarily having any further integration such as an Economic and Monetary Union, which has in addition a customs union and a single market.There are three types of currency unions:#Informal - unilateral...

(or combinations thereof) with the mainland and in regards to third countries trough the trade pact

Trade pact

s signed by the mainland state.

Proposed

Community	Currency	Region	Target date	Notes
Economic and Monetary Community of Central Africa (CEMAC)	Central African CFA franc Central African CFA franc The Central African CFA franc is the currency of six independent states in central Africa, Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon. CFA stands for Coopération financière en Afrique centrale...	Africa		not yet functioning common market
West African Economic and Monetary Union (UEMOA)	West African CFA franc West African CFA franc The West African CFA franc is the currency of eight independent states in West Africa: Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Sénégal and Togo. The acronym CFA stands for Communauté financière d'Afrique...	Africa		not yet functioning common market
Gulf Cooperation Council Cooperation Council for the Arab States of the Gulf The Cooperation Council for the Arab States of the Gulf , also known as the Gulf Cooperation Council , is a political and economic union of the Arab states bordering the Persian Gulf and constituting the Arabian Peninsula, namely Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates... (GCC)	Khaleeji Khaleeji (currency) The Khaleeji was a proposed name for the common currency of the member states of the GCC or Cooperation Council for the Arab States of the Gulf, except for Oman, and the U.A.E.. The term 'Khaleeji' is Arabic for "of the Gulf", and is traditionally associated with the Arab states of the Persian Gulf...	Middle East	2013	Possibly gold backed, but postponed due to the financial crisis.
East African Community East African Community The East African Community is an intergovernmental organisation comprising the five east African countries Burundi, Kenya, Rwanda, Tanzania, and Uganda. Pierre Nkurunziza, the President of the Republic of Burundi, is the current Chairman of the East African Community. The EAC was originally... (EAC)	East African shilling East African shilling The shilling was the currency issued for use in British controlled areas in East Africa from 1921 until 1969. It was produced by the East African Currency Board...	Africa	2015	To be used by the future East African Federation East African Federation East African Federation is the name of the proposed political union of the member nations of the East African Community, such that the five member states would federate into a single sovereign state....
Caribbean Single Market and Economy (as part of the CARICOM)		Latin America /Caribbean	2015	To supplement the OECS Organisation of Eastern Caribbean States The Organisation of Eastern Caribbean States , created in 1981, is an inter-governmental organisation dedicated to economic harmonisation and integration, protection of human and legal rights, and the encouragement of good governance between countries and dependencies in the Eastern Caribbean... Eastern Caribbean Currency Union Eastern Caribbean Currency Union The Eastern Caribbean Currency Union is a development of the Organization of Eastern Caribbean States, this organization is composed of Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines. It is under the supervision of the Eastern Caribbean...
Southern African Customs Union Southern African Customs Union The Southern African Customs Union is a customs union among five countries of Southern Africa: Botswana, Lesotho, Namibia, South Africa and Swaziland.-History:SACU is the oldest still existing customs union in the world... (SACU)	South African Rand South African rand The rand is the currency of South Africa. It takes its name from the Witwatersrand , the ridge upon which Johannesburg is built and where most of South Africa's gold deposits were found. The rand has the symbol "R" and is subdivided into 100 cents, symbol "c"...	Africa	2015	de-facto for the CMA Common Monetary Area The Common Monetary Area links South Africa, Lesotho and Swaziland into a monetary union. It is allied to the Southern African Customs Union . Namibia automatically became a member upon independence, but withdrew with the introduction of the Namibian dollar in 1993... member when the SADC Southern African Development Community The Southern African Development Community is an inter-governmental organization headquartered in Gaborone, Botswana. Its goal is to further socio-economic cooperation and integration as well as political and security cooperation among 15 southern African states... economic union Economic union An economic union is a type of trade bloc which is composed of a common market with a customs union. The participant countries have both common policies on product regulation, freedom of movement of goods, services and the factors of production and a common external trade policy.The countries... is established
Southern African Development Community Southern African Development Community The Southern African Development Community is an inter-governmental organization headquartered in Gaborone, Botswana. Its goal is to further socio-economic cooperation and integration as well as political and security cooperation among 15 southern African states... (SADC)	South African Rand South African rand The rand is the currency of South Africa. It takes its name from the Witwatersrand , the ridge upon which Johannesburg is built and where most of South Africa's gold deposits were found. The rand has the symbol "R" and is subdivided into 100 cents, symbol "c"... (interim proposal)	Africa	2016	To supplement or succeed the CMA Common Monetary Area The Common Monetary Area links South Africa, Lesotho and Swaziland into a monetary union. It is allied to the Southern African Customs Union . Namibia automatically became a member upon independence, but withdrew with the introduction of the Namibian dollar in 1993... and Southern Africa Customs Union
South Asian Association for Regional Cooperation South Asian Association for Regional Cooperation The South Asian Association for Regional Cooperation is an organisation of South Asian nations, founded in December 1985 by Ziaur Rahman and dedicated to economic, technological, social, and cultural development emphasising collective self-reliance. Its seven founding members are Bangladesh,...		South Asia	2016
Union of South American Nations (UNASUR)	Latino	Latin America /Caribbean	2019
Economic Community of Central African States Economic Community of Central African States The Economic Community of Central African States is an Economic Community of the African Union for promotion of regional economic co-operation in Central Africa... (ECCAS)		Africa		To supplement the Economic and Monetary Community of Central Africa (CEMAC)
Economic Community of West African States Economic Community of West African States The Economic Community of West African States is a regional group of fifteen West African countries. Founded on 28 May 1975, with the signing of the Treaty of Lagos, its mission is to promote economic integration across the region.... (ECOWAS)		Africa		To succeed UEMOA and WAMZ
African Economic Community African Economic Community The African Economic Community is an organization of African Union states establishing grounds for mutual economic development among the majority of African states...		Africa	2028	See African Monetary Union African Monetary Union The African Monetary Union is the proposed creation of an economic and monetary union for the countries of the African Union, administered by the African Central Bank...
Union State of Russia Russia Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects... and Belarus Belarus Belarus , officially the Republic of Belarus, is a landlocked country in Eastern Europe, bordered clockwise by Russia to the northeast, Ukraine to the south, Poland to the west, and Lithuania and Latvia to the northwest. Its capital is Minsk; other major cities include Brest, Grodno , Gomel ,...	Russian ruble Russian ruble The ruble or rouble is the currency of the Russian Federation and the two partially recognized republics of Abkhazia and South Ossetia. Formerly, the ruble was also the currency of the Russian Empire and the Soviet Union prior to their breakups. Belarus and Transnistria also use currencies with...	Europe
Arab League Arab League The Arab League , officially called the League of Arab States , is a regional organisation of Arab states in North and Northeast Africa, and Southwest Asia . It was formed in Cairo on 22 March 1945 with six members: Egypt, Iraq, Transjordan , Lebanon, Saudi Arabia, and Syria. Yemen joined as a...	Arab Dinar Dinar The dinar is the official currency of several countries.The history of the dinar dates to the gold dinar, an early Islamic coin corresponding to the Byzantine denarius auri...	Arab states		Arab Dinar has been proposed ever since the creation of the Arab Monetary Fund Arab Monetary Fund The Arab Monetary Fund is a regional Arab organization, founded 1976, and operational from 1977. It is a working sub-organization of the Arab League.-Objectives:... , expected for serious plans of doing so, after the creation of the proposed Arab Union Arab Union The term Arab Union was first used when the British promised Arabs a united independent Arab state; after that failed to happen due to the Sykes–Picot Agreement, Arabs since have called for an Arab Union, with Gamal Abdel Nasser trying several Arab Federations, alongside with other Arab states,... .

Belgium-Luxembourg Monetary Union
Belgium-Luxembourg Economic Union
The Belgium–Luxembourg Economic Union , abbreviated to BLEU or UEBL, is an economic and monetary union between Belgium and Luxembourg, two countries in the Benelux economic union....

(1922–2002), superseded by the European EMU
Economic and Monetary Union of the European Union
The Economic and Monetary Union is an umbrella term for the group of policies aimed at converging the economies of members of the European Union in three stages so as to allow them to adopt a single currency, the euro. As such, it is largely synonymous with the eurozone.All member states of the...

External links

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List of economic and monetary unions

Proposed

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See also

External links