economic union

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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


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 ?
Russia will provide $200 million in financial assistance to Kyrgyzstan in the next 2 years for harmonization of the legislation and preparation of the national economy for the Customs and Eurasian Economic Unions accession, Russian Federal Council Chairperson Valentina Matviyenko said during the talks with Parliament Speaker Asilbek Jeenbekov on October 20 in Bishkek.
Russia will provide financial assistance to Kyrgyzstan for all necessary arrangements to enter the Customs Union and Eurasian Economic Union.
The Fund will be formed by Russia for modernization of the economy of Kyrgyzstan necessary for the country's entry into the Eurasian Economic Union," Valentina Matviyenko added.