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 ?
Strategic interactions and contagion effects under monetary unions. The World Economy, 38(10), 1618-1629.
Several participants were skeptical about the gains from fiscal unions at this stage, as a complement to monetary unions, given that many countries do not feel ready to give up political sovereignty, which comes with the implementation of a fiscal union.
Historical examples show that the aforementioned principles and rules are essential for the smooth functioning of a monetary union. The success or failure of monetary unions has invariably hinged on the political determination and the political ability to adjust to the collective requirements of a monetary union.
Related to the literature on monetary unions, questions such as fiscal discipline and policy coordination have been considered as highly relevant.
The report stands against the prevailing skepticism about the desirability of pursuing the objective of monetary unions in Africa, and hence the need for fiscal convergence and multilateral surveillance among regional economic communities member countries.
Regional monetary unions widened in scope throughout history, and ended up following a political and economic course during the 19th century, one fortifying the solidarity of different peoples of adjacent countries.
The UAE's decision to opt out of the planned GCC monetary union is a fundamental setback to the planned Gulf single currency, and illustrates a deep concern at the heart of all monetary unions - that of ceding sovereignty over economic and monetary policy.
The world is moving towards a Single Global Currency through the creation, expansion and merger of regional monetary unions.
dollar to the completion of a monetary union took place, examine the different theoretical approaches to the formation of monetary unions such as the market, the institutional, and the shock-therapy approach.
Euro-MP Chris Huhne, chairman of The City in Europe and council member of Britain in Europe, said, "The IoD is oblivious to the fact that there have been many successful monetary unions - including the Gold Standard, the British-Irish Monetary Union and the Belgium-Luxembourg monetary union - in which there was no political superstructure whatsoever.
Monetary unions have been a recurring element in European history, driven by the need to overcome obstacles to trade caused by the fragmentation of political authority.
existing monetary unions, including the union of Belgium