Monetary Union

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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 ?
The president of the most influential German economic institute, IFO Clemens Fuest, is not expecting the events in Spain and the possible secession of Catalonia to lead to turbulence in the currency union, sega said.
There has been considerable disagreement concerning the magnitude of the trade-stimulating effect of the Economic and Monetary Union (EMU) in Europe, or indeed of any currency union in which member countries use the same currency.
In a new book Mr Sillars described the plan for a currency union as a "gift to the No side".
In a book to be published on September 18, one year on from the vote which saw Scots reject independence, Sillars describes 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.
ij] are dummy variables for whether countries i and j are in a free trade agreement or currency union, and the remaining variables are similarly expressed.
The UAE will not join the Gulf currency union anytime soon unless it proves profitable His Highness Shaikh Mohammad Bin Rashid Al Maktoum Vice-President and Prime Minister of the UAE and Ruler of Dubai reiterated last week.
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.
country's commitment to the currency union was perceived to be weaker
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.