Economic and monetary union

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International Trade Series v • d • e
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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 1 Existing EMU 2 Planned/proposed monetary unions 3 References 4 External links

[edit] 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 Ashmore and Cartier Islands Australian Antarctic Territory  Christmas Island  Cocos (Keeling) Islands Coral Sea Islands Heard Island and McDonald Islands  Norfolk Island	1966
New Zealand dollar		New Zealand  Cook Islands (New Zealand)  Niue (New Zealand)  Pitcairn Islands (UK) Ross Dependency (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

[edit] 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

[edit] References

[edit] 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