Complete economic integration is the final stage of economic integration. After complete economic integration, the integrated units have no or negligible control of economic policy, including full monetary union and complete or near-complete fiscal policy harmonisation.
Complete economic integration is most common within countries, rather than within supranational institutions. A good example of this is a country like the United States of America which can be viewed as a series of highly integrated quasi-autonomous nation states. In this example it is true that complete economic integration results in a federalist system of governance as it requires political union to function as, in effect, a single economy.
Read more about Complete Economic Integration: Political Integration
Famous quotes containing the words complete, economic and/or integration:
“A man’s interest in a single bluebird is worth more than a complete but dry list of the fauna and flora of a town.”
—Henry David Thoreau (1817–1862)
“A society in which everyone works is not necessarily a free society and may indeed be a slave society; on the other hand, a society in which there is widespread economic insecurity can turn freedom into a barren and vapid right for the millions of people.”
—Eleanor Roosevelt (1884–1962)
“The more specific idea of evolution now reached is—a change from an indefinite, incoherent homogeneity to a definite, coherent heterogeneity, accompanying the dissipation of motion and integration of matter.”
—Herbert Spencer (1820–1903)