Monetary Union

(redirected from Single currency)

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 single currency of Belarus, Kazakhstan and Russia is not on the medium-term agenda, Head of the National Bank of Belarus Nadezhda Yermakova told BelTA.
ASTANA (CyHAN)- The issue regarding a single currency within the Eurasian Economic Community (EAEC) was not discussed and it is not included into the draft contract, according to Kazakh First Deputy Prime Minister, Bakytzhan Sagintayev.
In a joint article for the Financial Times, Chancellor George Osborne and his German counterpart Wolfgang Schauble said any changes to EU treaties must "guarantee fairness" for member states outside the single currency bloc.
However, he also suggested Britain could still join the single currency area - if it stabilised.
If the decision had been made at the beginning, when it was obvious that Greece could not survive within the single currency, to allow the orderly and controlled withdrawal of Greece from the single currency there may have been a chance of success for the remaining members, but to allow one withdrawal opened the door for others to follow the same route and that would have defeated the true aim, the creation of a Federation of European States with full fiscal and political union for all the members, which is now openly mooted as the most suitable way to end the European crisis.
The minister stressed that the creation of a single currency of the Islamic countries can boost the trade between these countries and, accordingly, strengthen their financial stability.
WPU is a single currency unit constructed from a basket of developed currencies, emerging currencies and storable commodities
There were celebrations outside the headquarters of the European Central Bank (ECB) in Frankfurt to welcome the arrival of the single currency into the lives of ordinary people.
JOHN MAJOR grudgingly backed Euro as the name of Europe's single currency yesterday committing Britain to scrap the pound and centuries of tradition if and when the Government signs up.
The majority of citizens surveyed in the Gulf Cooperation Council (GCC) countries endorsed the proposed GCC single currency, according to a report by the Social and Economic Research Institute (Sesri) at Qatar University.
The Prime Minister insisted that if eurozone countries want to use the "institutions of Europe" to rescue the single currency, they will have to back a number of "British safeguards" in return.
He is threatening to veto changes to the European Union treaty, aimed at securing the future of the single currency, unless a list of his demands for Britain is met.