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 ?
"If we rule out joining the single currency the whole of Britain will be placed at a competitive disadvantage."
The obvious is that the Latin American economies are closely tied to the United States, and it is simpler to do business on the basis of a single currency. And in Latin America, independent monetary institutions have proven all too often to be prone to inflation.
But the Tories say its real aim is to prepare the way for Britain to join the single currency.
The Tories, who fought a vigorous campaign of opposition to the single currency, were set to come out with about 35 Euro MPs, compared to just 18 before the vote.
According to a report by Demos, a left-of-center British think tank with ties to Downing St., a majority of Europe's citizens are opposed to the planned single currency and do not feel a part of the community.
There are two alternatives to consider: a common currency or a single currency. A common currency, such as the present basket ecu, could fulfill most of the requirements for a European currency.
Summary: Although the 15-member ECOWAS grouping has now agreed on what to officially call the proposed single currency for the sub-region, it seems that the 2020 launch date may be too optimistic.
Proponents of the Eco say the single currency will facilitate trade, lower transaction costs, and facilitate payments amongst ECOWAS' 385 million people.
Leaders of the Economic Community of West African States (ECOWAS) adopt ECO, as the name of the proposed single currency to be issued in the region beginning January, 2020.
The meeting discussed the agenda related to the single currency trade, to make strong linkages
Global Banking News-July 8, 2016--Liberian Senate Committee wants the nation to adopt a single currency system