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 ?
It is time to talk about formation of the monetary union within the Eurasian Economic Union, Russian President Vladimir Putin said following the trilateral meeting in Astana.
A Memorandum of Understanding (M0U) is signed by the Central Bank of Liberia (CBL) with the West African Monetary Union for the sharing of supervisory information and enhancing cooperation between the two institutions in the area of banking supervision.
The six-nation Gulf Cooperation Council (GCC) has opened dialogue with the UAE and Oman on a monetary union project as part of a major move to ensure the launch of a common currency, said a senior GCC official on Saturday.
The Fiscal Commission Working Group (FCWG) has proposed a monetary union between an independent Scotland and the rest of the UK based on the size of their respective populations.
CALLS for a monetary union between an independent Scotland and the UK are akin to "embarking on a damaging divorce but insisting on still sharing a credit card", Chief Secretary to the Treasury Danny Alexander has said.
When European leaders decided in the 1990s to create a monetary union and introduce a single currency, the euro, it was understood that this undertaking was part of a more ambitious and longer-term project of establishing a broader and closer union of member states' economies and policies.
KUWAIT CITY: GCC leaders yesterday called for further economic and financial integration - starting with the customs union, monetary union and electricity and water linkage projects.
A social market economy and European economic monetary union.
The GCC countries' relentless efforts to achieve a monetary union signal a big step forward towards a complete economic and monetary integration similar to that of the European Union" he told KUNA.
It aims at preparing foundations of the Monetary Union and the GCC Central Bank.
These events have completed a paradigm shift in the European Economic and Monetary Union (EMU).
The European Summit also focused on an ambitious vision to strengthen and deepen the Economic and Monetary Union.