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.
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References in periodicals archive ?
SNP deputy leader Keith Brown said: "In 2014, Ronald MacDonald argued against a currency union. In 2018, he argued against a separate Scottish currency.
While the SNP's preferred choice of a currency union with the rest of the UK fell to pieces, other options such as informal currency union and a new Scottish currency were debated at the time.
It seems that more countries are assessing or measuring the positive impact of Currency Union (CU) membership to avail the benefits of CU.
The president of the most influential German economic institute, IFO Clemens Fuest, is not expecting the events in Spain and the possible secession of Catalonia to lead to turbulence in the currency union, sega said.
There has been considerable disagreement concerning the magnitude of the trade-stimulating effect of the Economic and Monetary Union (EMU) in Europe, or indeed of any currency union in which member countries use the same currency.
Both the Scottish Government and the then first minister Alex Salmond made clear their preferred option was for Scotland to retain the pound after independence, in a "currency union" with the rest of the UK.
French Economy Minister Emmanuel Macron has said the EU and the eurozone have no future without a currency union coupled with a fiscal equalization system.
Either we evolve into a full-fledged European currency union, with a political union behind it, or we return to the national currencies," said Verhofstadt.
where log([trade.sub.ij]) is the bilateral trade between countries i and j, [FTA.sub.ij] and C[U.sub.ij] are dummy variables for whether countries i and j are in a free trade agreement or currency union, and the remaining variables are similarly expressed.
The UAE will not join the Gulf currency union anytime soon unless it proves profitable His Highness Shaikh Mohammad Bin Rashid Al Maktoum Vice-President and Prime Minister of the UAE and Ruler of Dubai reiterated last week..
Arguing for limited financial transfers and other measures to strengthen the currency union, Mark Carney says that such steps would help Germany itself in the medium-term.
country's commitment to the currency union was perceived to be weaker