economic union

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

see TRADE INTEGRATION, ECONOMIC AND MONETARY UNION (EMU).

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 ?
Alexander Lukashenko also stressed that the Eurasian Economic Union had demonstrated strong economic results, too.
The chairmanship in the Eurasian Economic Union bodies in 2018 will be passed to Kyrgyzstan from Russia, Vice Prime Minister of Kyrgyzstan Tolkunbek Abdygulov said during the meeting of the Council of the Eurasian Economic Commission, the Government's press service said.
Summary: TEHRAN (FNA)- Iranian Foreign Minister Mohammad Javad Zarif announced on Tuesday that his country and the Eurasia Economic Union will ink preferential tariffs agreement in the near future.
Iran is ready to make tariff concessions on a wide range of products, excluding wheat, refined oil, mineral water and cigarettes, within a free trade zone it is eager to join called the Eurasian Economic Union.
The Eurasian Economic Union and the European Union: Moving Toward a Greater Understanding
During his 4-day visit to Russia, Vaezi, in addition to talks with Astrakhan officials, discussed expansion of cooperation with Trade Minister of Eurasia Economic Union Veronika Nikishina and negotiated process of free trade treaty between Iran and the Union.
Bishkek, Shawwal 09, 1437, July 14, 2016, SPA -- German Chancellor Angela Merkel called on Thursday for an end to tensions with Russia and for boosting ties between the European Union and the Russia-led Eurasian Economic Union after years of conflict between the EU and Moscow over Ukraine.
ISLAMABAD -- Ministry of Commerce in consultation with Ministry of Foreign Affairs is reaching out to Eurasian Economic Union (EEU) to initiate a dialogue for free trade agreement.
On May 29 there is the first anniversary since the leaders of three states, the Republic of Belarus, the Republic of Kazakhstan and the Russian Federation, signed the historical document on the formation of the Eurasian Economic Union.
The country's path towards accession into the Eurasian Economic Union began with the process triggered by the signing of the customs union treaty between the Russian Federation and Belarus back in 1995.
The Russian Novosti news agency quoted the Committee's representative as saying that all members of the Eurasian Economic Union have expressed a positive stance on establishing such a zone with Syria.
The Government commission on legislative activities has approved the draft law on the ratification of the treaty of accession of Kyrgyzstan to the Eurasian Economic Union.