economic union

Economic union

An agreement between two or more countries that allows the free movement of capital, labor, and all goods and services, and involves the harmonization and unification of social, fiscal, and monetary policies.

Economic Union

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.

economic union

see TRADE INTEGRATION, ECONOMIC AND MONETARY UNION (EMU).

economic union

a form of TRADE INTEGRATION between a number of countries that provides not only the COMMON MARKET features of free trade and factor movements but also the unification of members’ general economic objectives in respect of economic growth, employment, etc., and the harmonization of monetary, fiscal and other policies. See ECONOMIC AND MONETARY UNION.
References in periodicals archive ?
The Eurasian Economic Commission (EEC) revealed that the electronic passports of transport corridors will be issued by countries of the Eurasian Economic Union.
TEHRAN (FNA)- Russia's Ministry of Industry and Trade is ready to discuss with Eurasian Economic Union (EAEU) member-states the issue of creating a free trade zone with Syria as soon as its economic and political situation is resolved.
The country's path towards accession into the Eurasian Economic Union began with the process triggered by the signing of the customs union treaty between the Russian Federation and Belarus back in 1995.
The Russian Novosti news agency quoted the Committee's representative as saying that all members of the Eurasian Economic Union have expressed a positive stance on establishing such a zone with Syria.
The Government commission on legislative activities has approved the draft law on the ratification of the treaty of accession of Kyrgyzstan to the Eurasian Economic Union.
Astana, May 20 ( ANI ): Kazakhstan, Russia and Belarus plan to adopt a treaty on the Eurasian Economic Union this month and will work together to build a new structure, while at the same mainataining their status as independent states ion Central Asia.
This is an intellectual and political history of efforts to promote the political and economic union of Latin America over the past two centuries.
Belated EU assurances that the Eastern Partnership is not a "zero-sum game", and that Russia also stands to benefit, appear to have fallen on deaf ears in Moscow, which is busy planning its own blueprint for economic union.
ECB President Mario Draghi used the phrase "new fiscal compact" when he addressed the European Parliament last week, in a comment that suggested the bank would be ready to use more firepower to resolve the debt crisis if the euro zone moved decisively towards a more complete economic union.
The alternatives are therefore either forging ahead with real economic union and further EU integration, or regressing to a mere free-trade area and the renationalization of Europe.
It is our intention to go to the economic union by 2011 with the OECS countries and political union by 2013.
Everyone has heard about the European Union, the collection of countries in Europe that joined in economic union, but fewer know that this "economic union" has evolved over time into a full-fledged European government.