Economic union

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Economic union - a higher form of the single market where Member States also harmonized all policies that affect the conditions of competition on national markets. The subject of such harmonization is primarily tax, monetary and social policies. Where a common currency is also incorporated in the union, the union becomes a monetary union.

It is a form of economic integration of states, consisting in:

Currently the only economic union is the Economic and Monetary Union within the European Union.

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