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Additional
economic and monetary union
English Wikipedia - The Free Encyclopedia
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Economic and monetary union
An
economic and monetary union
is a type of
trade bloc
which is composed of an
economic union
(
common market
and
customs union
) with a
monetary union
. It is to be distinguished from a mere
monetary union
(e.g. the
Latin Monetary Union
in the 19th century), which does not involve a common market. This is the sixth stage of
economic integration
. EMU is established through a currency-related
trade pact
. An intermediate step between pure EMU and a
complete economic integration
is the
fiscal union
.
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