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 Economic Community of West African States (ECOWAS) should adopt a two-track approach to the introduction of a common currency, with countries that are ready being allowed to go ahead with implementation initially, former Nigerian President Olusegun Obasanjo has proposed.
The Euro: How a Common Currency Threatens the Future of Europe.
Any common currency to be announced is expected to be pegged either to the dollar or a basket of currencies because the volume of trade of the Gulf states with the countries of the European Union is much larger than that of their commerce with the United States.
Generally speaking, this theory discusses the prerequisites that make adopting a common currency or mutually fixing exchange rates by two states advantageous for both parties.
In his view, the pressure on Greece in recent days is unprecedented and the only reason why the EU put pressure was because a lot of money and the common currency are put at stake.
In a note, the bank said, 'Going ahead, the SNB has effectively acknowledged the inherent risk to the EUR with the ECB meeting next week, and this will likely exacerbate the bearish overtones attached to the common currency.
Lithuania is the 19th EU member state to adopt the common currency , euro.
Besides, other economic areas in the world are proving that you can thrive without a common currency.
The Presidents of the European Council, Herman Van Rompuy, and the European Commission, Jose Manuel Barroso, believe that Latvia's accession to the euro on 1 January is an expression of trust in the common currency.
In September, an official of the European Central Bank (ECB) said that the GCC should not introduce a common currency before its members have a clear common objective.
Media reports this week said that four of the six Gulf Cooperation Council (GCC) countries would announce the introduction of a common currency by the end of December.
Quoting sources, a section of the Bahraini media reported that the common currency is to be announced by the four Gulf Cooperation Council (GCC) countries and it will be pegged to the dollar.

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