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Economic and monetary union: Wikis

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An economic and monetary union is a type of trade bloc which is composed of a single market with a common currency. It is to be distinguished from a mere currency union (e.g. the Latin Monetary Union in the 1800s), which does not involve a single market. This is the fifth stage of economic integration. EMU is established through a currency-related trade pact.

Contents

Existing EMU

Currency Union Users Est.
Central African CFA franc Economic and Monetary Community of Central Africa  Cameroon
 Central African Republic
 Chad
 Republic of the Congo
 Equatorial Guinea
 Gabon
1945
West African CFA franc West African Economic and Monetary Union  Benin
 Burkina Faso
 Côte d'Ivoire
 Guinea-Bissau
 Mali
 Niger
 Senegal
 Togo
1945
CFP franc Issued by Overseas Issuing Institute (France)  French Polynesia
 New Caledonia
 Wallis and Futuna
1945
East Caribbean dollar Eastern Caribbean Currency Union of the OECS  Anguilla
 Antigua and Barbuda
 Dominica
 Grenada
 Montserrat
 Saint Kitts and Nevis
 Saint Lucia
 Saint Vincent and the Grenadines
1965
Euro Eurozone of the European Union  Austria
 Belgium
 Cyprus
 Finland
 France
 Germany
 Greece
 Ireland
 Italy
 Luxembourg
 Malta
 Netherlands
 Portugal
 Slovakia
 Slovenia
 Spain
1999/2002
Australian dollar  Australia
Australia Ashmore and Cartier Islands
Australia Australian Antarctic Territory
 Christmas Island
 Cocos (Keeling) Islands
Australia Coral Sea Islands
Australia Heard Island and McDonald Islands
 Norfolk Island
1966
New Zealand dollar  New Zealand
 Cook Islands (New Zealand)
 Niue (New Zealand)
 Pitcairn Islands (UK)
New Zealand Ross Dependency (New Zealand)
New Zealand Tokelau (New Zealand)
1967
South African rand Multilateral Monetary Area  South Africa
 Swaziland
 Lesotho
 Namibia
1974
United States dollar  Puerto Rico
 Northern Mariana Islands
 U.S. Virgin Islands
 American Samoa
 Guam
 United States of America
 United States Minor Outlying Islands

Planned/proposed monetary unions

Community Currency Region Target date Notes
East African Community East African shilling Africa 2010 To be used by the future East African Federation
Gulf Cooperation Council Khaleeji Middle East 2013 Possibly gold backed, but postponed due to the financial crisis.
Caribbean Single Market and Economy (as part of the CARICOM) Latin America
/Caribbean
2015
Southern African Development Community
/Southern African Customs Union
South African Rand
(interim proposal)
Africa 2016
South Asian Association for Regional Cooperation Asia 2016
Union of South American Nations Latino[1] Latin America
/Caribbean
2019
West African Monetary Zone Eco Africa 2020 Inside Economic Community of West African States, planned to eventually merge with West African franc
Common Market for Eastern and Southern Africa Africa 2025.
African Economic Community Africa 2028
North American Free Trade Agreement Amero North America  ? Not currently on agenda, see North American currency union
Pacific Islands Forum Australian dollar (one proposal) Pacific  ?
African Union Unknown Africa 2028 See African Monetary Union

References

  1. ^ Proposed by Ecuador's President Rafael Correa on December 15, 2007

External links

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
Do the Mercosur Countries Form an Optimum Currency Area? 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
A single African currency in our time? South Africa proposes adoption of the rand as provisional SADC common currency
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