Economic and monetary union

From Wikipedia, the free encyclopedia

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. See also the Benelux union of Belgium, the Netherlands and Luxembourg which pre-dates the European Union and continues to exist alongside it.

Proposed

• Economic and monetary union of the Caribbean Community
• Economic and monetary union of the Economic Community of West African States (ECOWAS)
• Economic and monetary union of the East African Community (EAC), due in 2009
• Economic and monetary union of the Gulf Cooperation Council (GCC), due in 2010
• Economic and monetary union of the Southern African Development Community (SADC), due in 2016
• Economic and monetary union of the Union of South American Nations (Unasur or Unasul*), due in 2019.
• Economic and monetary union of the South Asian Association for Regional Cooperation, due 2016
• Economic and monetary union of the African Economic Community (AEC), due in 2028
• Economic and monetary union of the North American Union

(*Spanish and Portuguese term, respectively)

Defunct

• The Belgium-Luxembourg Economic Union has been in place since 1921, though it has largely been subsumed by Benelux and the Eurozone.

See also

• Monetary Union (Currency Union)
• United Nations Monetary and Financial Conference (Bretton Woods)

External links

• Economic and Monetary Union, EMU – on the euabc.com website