0
I think the reason was that by standardizing the monetary system, trade between the countries of the EU would become much less complicated, and therefore easier and hopefully would increase significantly, benefitting all involved.j3h. Agreed. A single currency is also an essential feature of a single market and also makes real prices clear (transparent). It also reduces transaction costs as exchanging money always involves costs. (Just imagine the U.S. with several different regional currencies). - Joncey
Wiki User
∙ 17y ago
Add your answer:
Earn +20 pts
What is monetary union and its advantages?
A monetary union is a form of an intergrovernmental agreement (whose basis is to make trading easier by reducing or creating non-tariff barriers between trading partners) that has two features:it is composed of a single market (common policies for consumers and producers within the market such as regulation)there is a common currency among all the trading partnersSome benefits of this include:Freedom of movement between trading partnersEase with respect to money details of contract (no need to figure out the exchange rate for example)because it requires a single market, monopolies are rare and competitive markets dominate (cheaper products, more efficient producers)An example of a monetary union is the European Monetary union.
Who are the people that make up the European Union?
There are 27 member states that make up the European Union and it has a total population of nearly 500 million people. The European Parliament is made up of representatives of these 27 member states.
Is it all right if the US join the European Union?
The European Union is an organisation for countries in Europe, so the US could not join. There are over 50 countries in Europe, 28 of which are members of the European Union. There is no reason why the US would even want to join the European Union. It would make no sense for them to do so.
What are the disadvantages for living in European Union?
The mountains make it hard to travel
How are World War 2 and the European Union related?
After World War 2 there was a need to make European countries work together and build better relationships. What is now the European Union grew out of that need and it has helped to make Europe more stable.
How many people make up the European Commission?
The European Commission has 28 members, one from each country that is a member of the European Union.
What specific contribution you could make to the work of the European institutions and agencies?
You could give a monetary contribution or volunteer your time to help them.
Is the European Union in the Middle East?
Cypus is the only European Union member in the Middle East. All other European Union countries (as could be guessed) are in Europe. Turkey is a Middle Eastern country that has tried to accede to the European Union, but has not had its accession accepted. To read more about that read the Related Question. The European Union is very active politically in the Middle East, often serving as a bloc to negotiate against different Middle Eastern countries and therefore make negotiations more favorable in the Middle East.
Can European countries join the European Union?
All the members of the European Union are European countries. Not all European countries are members. There are no countries in it that are not from Europe. However, Turkey, which is mainly in Asia, having just a very small part of it in Europe is currently a candidate for admission. For a country to even be considered for admission, they must be seen as a European or Europeanized country. Europeanized meaning having heavy European influence, relatable culture and views, and a majority or large European population.
Which organization was created to make trade between its members easier?
The European union was created to make trade between its members easier.
Which countries of European union does it run through?
You need to specify what you are referring to if you want to make it possible to answer your question.
What year was England found in the European union?
England is one of the four countries that make up the United Kingdom (the UK)The UK joined the European Union in 1973.On Thursday 23rd of June 2016 there will be a referendum to decide if the UK remains in the EU.
