Monetary Union

(redirected from Currency union)
Also found in: Wikipedia.

Monetary Union

A group of independent countries that share a single currency. That is, these countries, while maintaining sovereignty on economic policy, taxes, and similar issues, have transferred responsibility for a monetary policy to a central bank shared by participating members. The most famous monetary union is the eurozone, though another example is the West African Monetary Union. A monetary union is also called a currency union.
References in periodicals archive ?
Chancellor George Osborne, backed controversial advice from a top civil servant, insists that an independent Scotland would not be able to form a currency union with the rest of the UK.
In a new book Mr Sillars described the plan for a currency union as a "gift to the No side".
French Economy Minister Emmanuel Macron has said the EU and the eurozone have no future without a currency union coupled with a fiscal equalization system.
Either we evolve into a full-fledged European currency union, with a political union behind it, or we return to the national currencies," said Verhofstadt.
Arguing for limited financial transfers and other measures to strengthen the currency union, Mark Carney says that such steps would help Germany itself in the medium-term.
A currency union, therefore, appears to be en vogue as (at least one part of ) a solution.
While Westminster has refused to countenance a currency union, the Scottish National Party says an independent Scotland would continue to use the pound.
In a question-and-answer session, the Scottish First Minister claimed Mr Jones "doesn't get consulted" on major decisions, including a currency union between an independent Scotland and the rest of the UK - dismissing Mr Jones' suggestion he could veto the proposal.
CURRENCY union with an independent Scotland would be "incompatible with sovereignty", the Bank of England governor has said.
In a question-andanswer session, the Scottish First Minister claimed Mr Jones "doesn't get consulted" on major decisions, including a currency union between an independent Scotland and the rest of the UK - dismissing Mr Jones' suggestion he could veto the proposal.
Desperately seeking an escape route from the currency mess the SNP have made for themselves, First Minister Alex Salmond now insists that any Yes vote in the referendum will give him a "mandate" to negotiate the "sovereign will" of the Scottish people that there should be a currency union between an independent Scotland and the rest of the UK.
Scotland can only retain the pound by staying in the UK, Chancellor of the Exchequer George Osborne said, rejecting a report in the Guardian that a currency union would be agreed.