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 fifth 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.
Read more about Economic And Monetary Union: List of Economic and Monetary Unions
Famous quotes containing the words economic and, economic, monetary and/or union:
“If in the earlier part of the century, middle-class children suffered from overattentive mothers, from being “mother’s only accomplishment,” today’s children may suffer from an underestimation of their needs. Our idea of what a child needs in each case reflects what parents need. The child’s needs are thus a cultural football in an economic and marital game.”
—Arlie Hochschild (20th century)
“Politics at all times lead to bloody wars, and not only politics, but also religions as well as social and economic systems of all times are spattered with blood. Invariably the big ones devoured the little ones, and the little ones the tiny ones.”
—Friedrich Dürrenmatt (1921–1990)
“In our time, the curse is monetary illiteracy, just as inability to read plain print was the curse of earlier centuries.”
—Ezra Pound (1885–1972)
“What should concern Massachusetts is not the Nebraska Bill, nor the Fugitive Slave Bill, but her own slaveholding and servility. Let the State dissolve her union with the slaveholder.... Let each inhabitant of the State dissolve his union with her, as long as she delays to do her duty.”
—Henry David Thoreau (1817–1862)