Also referred to as a "monetary union".
A group of countries (or regions) using a common currency. For example, in 1979, eight European countries created the European Monetary System (
EMS). This system consisted of mutually fixed exchange rates between these countries. In 2002, 12 European countries agreed to a common monetary policy, thus forming the European Monetary Union. One reason why countries form these systems is to lower the transaction costs of cross-border trade.
Investment dictionary. Academic. 2012.
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