economic union(redirected from Economic Unions)
A common market across more than one sovereign state with a united currency and the free exchange of capital and labor. This involves the transfer of a portion of sovereignty, especially control over monetary policy, to a central organization. Neo-Liberal economists, notably Ludwig von Mises and Friedrich von Hayek, consider an economic and monetary union the fifth stage of economic integration. The largest and most famous example of an economic union is the eurozone.