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.
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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.
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economic unionsee TRADE INTEGRATION, ECONOMIC AND MONETARY UNION (EMU).
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
economic uniona 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.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005