An economic union is a type of trade bloc which is composed of a common market with a customs union. The participant countries have both common policies on product regulation, freedom of movement of goods, services and the factors of production (capital and labour) and a common external trade policy.The countries often share a common currency.
Purposes for establishing an economic union normally include increasing economic efficiency and establishing closer political and cultural ties between the member countries.
Economic union is established through trade pact.
Read more about Economic Union: List of Economic Unions, See Also
Famous quotes containing the words economic and/or union:
“America is no place for an artist: to be an artist is to be a moral leper, an economic misfit, a social liability. A corn-fed hog enjoys a better life than a creative writer, painter, or musician. To be a rabbit is better still.”
—Henry Miller (1891–1980)
“And thus they sang their mysterious duo, sang of their nameless hope, their death-in-love, their union unending, lost forever in the embrace of night’s magic kingdom. O sweet night, everlasting night of love! Land of blessedness whose frontiers are infinite!”
—Thomas Mann (1875–1955)