Monetary union

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).

Table of contents

1 Existing monetary unions 2 de facto monetary unions 3 Proposed monetary unions 4 Previous monetary unions 5 External links

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
• African monetary union inches closer
• United States of Southern Africa?
• East Africa's first steps towards union
• West Africa opts for currency union
• Gulf States push for single currency
• 'Limited gains' from Gulf single currency
• Argentina plans monetary union
• Quadrant Magazine article on the Pacific
• Economist- Antipodean currencies (Australia and New Zealand)
• Three Perspectives on an Australasian Monetary Union
• Reasons for the collapse of the Rouble Zone
• In Search of the "Ruble Zone"
• OECD Development Centre- the Rand Zone

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