Monetary union
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In economics, a monetary union is a situation where several countries have agreed to share a single currency among them, for example, the East Caribbean Dollar. A monetary union differs from an Economic and Monetary Union, where it is not just currency but also economic policy that is pooled or co-ordinated (as in the European Union Eurozone, for instance).
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Existing monetary unions
- European Economic and Monetary Union (the euro)
- CFA Franc
- CEMAC (Communauté Économique et Monétaire de l'Afrique Centrale, i.e. Economic and Monetary Community of Central Africa)
- UEMOA (Union Économique et Monétaire Ouest Africaine, i.e. West African Economic and Monetary Union)
- OECS using the East Caribbean Dollar
- CFP Franc
de facto monetary unions
- between the United States, Palau, the Federated States of Micronesia, the Marshall Islands, Panama, Ecuador, El Salvador, and East Timor using the United States dollar
- between Australia (including her territories), Kiribati, Nauru and Tuvalu using the Australian dollar
- between New Zealand (including her territories of the Cooks Islands, Niue and Tokelau) and the British territory of Pitcairn using the New Zealand dollar
- between South Africa, Lesotho and Namibia (where the Rand is legal tender) and Swaziland (where the Rand used to be legal tender and is still widely used) and Botswana (with a currency basket peg to the Rand) with all 5 countries being in the Rand Zone
- between Russia and the Georgian autonomous (self-declared independent) republics of Abkhazia and South Ossetia using the Russian Ruble
- between Israel and the Palestinian territories using the New Israeli Shekel
- between Jordan and the Palestinian territories using the Jordanian dinar
- between Switzerland and Liechtenstein using the Swiss franc
- between the European Economic and Monetary Union and the Vatican, Andorra, San Marino, Monaco and the Serbian-Montenegrin republics of Monetenegro and Kosovo using the euro
Proposed monetary unions
- between Australia, New Zealand and Papua New Guinea
- Caribbean Single Market and Ecomony (CSME) (as part of the CARICOM)
- East African Community (EAC) with the proposed currency being named the "East African Shilling", planned to be introduced in 2009
- Economic Community of West African States (ECOWAS) with the proposed currency being named the "Eco", finally planned to be introduced in 2009 after the date was set back twice
- Gulf Cooperation Council (GCC), planned to be introduced in 2010
- South American Community of Nations (CSN)
- pan-American monetary union (abandoned in the form proposed by Argentina)
- Union of Russia and Belarus
- Southern African Development Community/Southern African Customs Union (SADC)/(SACU)
Previous monetary unions
- Belgium-Luxembourg Monetary Union
- between France, Monaco and Andorra using the French franc
- between Italy, the Vatican and San Marino using the Italian lira
- Latin Monetary Union
- North German thaler (basically the Prussian thaler)
- Rouble zone countries
- Scandinavian Monetary Union
- South German gulden
- between Spain and Andorra using the Spanish peseta
External links
- The history of monetary unions (http://samvak.tripod.com/nm032.html)
- African monetary union inches closer (http://news.bbc.co.uk/1/hi/business/1723943.stm)
- United States of Southern Africa? (http://news.bbc.co.uk/1/hi/world/africa/871612.stm)
- East Africa's first steps towards union (http://news.bbc.co.uk/1/hi/world/africa/543582.stm)
- West Africa opts for currency union (http://news.bbc.co.uk/1/hi/world/africa/721707.stm)
- Gulf States push for single currency (http://news.bbc.co.uk/1/hi/business/2313847.stm)
- 'Limited gains' from Gulf single currency (http://news.bbc.co.uk/1/hi/business/2622003.stm)
- Argentina plans monetary union (http://news.bbc.co.uk/1/hi/business/the_economy/260395.stm)
- Quadrant Magazine article on the Pacific (http://www.quadrant.org.au/php/archive_details_list.php?article_id=503)
- Economist- Antipodean currencies (Australia and New Zealand) (http://www.economist.com/displayStory.cfm?story_id=393224)
- Three Perspectives on an Australasian Monetary Union (http://www.rba.gov.au/PublicationsAndResearch/Conferences/2001/coleman.pdf)
- Reasons for the collapse of the Rouble Zone (http://www.case.com.pl/upload/publikacja_plik/3460035_058e.pdf)
- In Search of the "Ruble Zone" (http://www.okno.com/ewltr/archive/vol1/ru-ruble-v1n3.pdf)
- OECD Development Centre- the Rand Zone (http://www.oecd.org/dataoecd/52/15/23381692.pdf)Template:Econ-stub