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 ?
Canale and Mirdala cast a fresh light on the institutional structure that regulates economic policy in the European Monetary Union. From different countries and with different personal experiences of the Eurozone institutional consolidation process, nevertheless they agree that it is necessary to make explicit the connection between the evolution of economic theory and the path of construction of the European Monetary Union.
The meeting will discuss, among other key issues, the Report on Assessment of Statistical Readiness for Monetary Union in the GCC Region.
The move is expected to help reduce risks and costs associated with printing and disbursing fiat money across the monetary union.
Lithuanian Finance Minister Vilius apoka, together with finance ministers from Denmark, Estonia, Finland, Ireland, Latvia, the Netherlands and Sweden, signed a joint statement on the future of the EU Economic and Monetary Union. The common position of the parties emphasizes that compliance with the rules of fiscal discipline and the implementation of structural reforms, the completion of the Banking Union and the strengthening of the European Stability Mechanism (ESM) are among the top priorities.
This is a very short stylized paper focused on assessing the stability of a monetary union. The paper aims to analyze the role played by heterogeneous inflation aversions of policymakers and citizens belonging to different countries.
The object of the EAC Monetary Institute Bill, 2017, is to provide for the establishment of the East African Monetary Institute (EAMI) as an institution of the Community responsible for preparatory work for the EAC Monetary Union.
The exposure of potential monetary union members to large asymmetric shocks and the risks associated with large current account imbalances were recognized as sources of concern.
It is time to talk about formation of the monetary union within the Eurasian Economic Union, Russian President Vladimir Putin said following the trilateral meeting in Astana.
The six-nation Gulf Cooperation Council (GCC) has opened dialogue with the UAE and Oman on a monetary union project as part of a major move to ensure the launch of a common currency, said a senior GCC official on Saturday.
The Fiscal Commission Working Group (FCWG) has proposed a monetary union between an independent Scotland and the rest of the UK based on the size of their respective populations.
CALLS for a monetary union between an independent Scotland and the UK are akin to "embarking on a damaging divorce but insisting on still sharing a credit card", Chief Secretary to the Treasury Danny Alexander has said.
It was convincingly argued and politically accepted that the completion and efficient functioning of a single market required a monetary union and a single monetary policy geared to maintaining price stability across member states.