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Currency union

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from 1953 until 1967. Following the cessation of the common currency arrangement, Malaysia (the combination of Federation of Malaya, North Borneo, Sarawak), Singapore and Brunei began issuing their own currencies. Contemporarily, a currency reunion of these countries might still be feasible based on
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has 20 member states. The other members of the European Union are required to adopt the euro as their currency (except for Denmark, which has been given the right to opt out), but there has not been a specific date set. The main independent institution responsible for stability of the euro is the
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Implementing a new currency in a country is always a controversial topic because it has both many advantages and disadvantages. New currency has different impacts on businesses and individuals, which creates more points of view on the usefulness of currency unions. As a consequence, governmental
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Implementing a new currency causes high financial costs. Businesses and also single persons have to adapt to the new currency in their country, which includes costs for the businesses to prepare their management, employees, and they also need to inform their clients and process plenty of new
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is the exact opposite of convergence. Countries with different goals are very difficult to integrate in a single currency union. Their economic behaviour is completely different, which may lead to disagreements. Divergence is therefore not optimal for forming a currency union.
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A currency union among the British colonies and protectorates in Southeast Asia, namely the Federation of Malaya, North Borneo, Sarawak, Singapore and Brunei was established in 1952. The Malaya and British Borneo dollar, the common currency for circulation was issued by the
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Unlimited capital movement may cause moving most resources to the more productive regions at the expense of the less productive regions. The more productive regions tend to attract more capital in goods and services, which might avoid the less productive
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As Financial Times reports, Brazil and Argentina will announce in January 2023 that they are starting preparatory work on a common currency "Sur" (South). The initiative would later be extended to invite other Latin American nations.
997:(EMU) is a contemporary model for forming currency unions. Membership in the EMU requires that countries follow a strictly defined set of criteria (the member states are required to have a specific rate of inflation, 958:
The member states lose their sovereignty in monetary policy decisions. There is usually an institution (such as a central bank) that takes care of the monetary policymaking in the whole currency union.
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came into existence in 1834, and by 1866, it included most of the German states. The fragmented states of the German Confederation agreed on common policies to increase trade and political unity.
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The risk of asymmetric "shocks" may occur. The criteria set by the currency union are never perfect, so a group of countries might be substantially worse off while the others are booming.
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To all intents and purposes a monetary union. They are the last two nations whose dollars have remained at par and mutually interchangeable since the days when the
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Not official, but freely used as a tender in Nepal, due to primarily the economic flux with India and also the instability caused by that country's civil war.
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Semi-formal. UK banknotes are legal tender in locations outside the UK. Local currencies are pegged to the GBP but not necessarily accepted in the UK:
5331: 1054:, comprising Sweden, Denmark, and Norway, existed between 1873 and 1905 and used a currency based on gold. The system was dissolved by Sweden in 1924. 5385: 3302: 993:). It is easier to form a currency union for countries with more convergence as these countries have the same or at least very similar goals. The 5902: 6071: 5543: 1047:. Coins of each country were legal tender and freely interchangeable across the area. The union's success made other states join informally. 6039: 2354: 2340: 5839: 948:
The probability of a monetary crisis is lower. The more countries there are in the currency union, the more they are resistant to crisis.
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addresses the question of how to determine what geographical regions should share a currency in order to maximize economic efficiency.
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A currency union helps its members strengthen their competitiveness on a global scale and eliminate the exchange rate risk.
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between 1 July 1990 and 3 October 1990, as part of a temporary, so-called "Monetary, Economic and Social Union" prior to
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was held at exactly the same value as Sterling for this period, although it was not accepted for payments in the UK.
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institutions often struggle when they try to implement a new currency, for example by entering a currency union.
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Transactions among member states can be processed faster and their costs decrease since fees to banks are lower.
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and currency union (or combinations thereof) with the mainland and in regards to third countries through the
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The Economics of Palestine: Economic Policy and Institutional Reform for a Viable Palestine State
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Formal for Andorra and San Marino (which are in customs union with the EU's customs territory)
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Formal for Monaco and Akrotiri and Dhekelia (which form part of the EU's customs territory)
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Prices are more transparent and so are easier to compare, which enables fair competition.
44: 5983: 5931: 5518: 1877: 5987: 5870: 5629: 5490:"Currency unions: key variables, definitions, measurement, and statistical improvement" 5323: 5082: 5016: 4742: 4549: 4521: 4516: 4372: 4302: 4291: 4286: 4160: 3710: 3705: 2765: 2686: 2641: 2613: 2512: 2441: 2363: 998: 852: 834: 743: 598: 440: 216: 126: 6265: 6029: 6011: 6001: 5862: 5800: 5695: 5659: 5411: 5056: 5051: 4718: 4641: 4361: 3970: 3310: 3278: 2158: 2064: 1405: 1304: 725: 623: 435: 181: 154: 64: 5874: 5854: 5027: 5022: 4792: 4764: 4703: 4698: 4459: 4339: 3095: 2595: 2312: 2130: 2007: 1376: 830: 820: 628: 593: 191: 81: 6044: 6180: 6101: 5967: 5771: 5652:"Palestinian officials think about replacing Israeli shekel with Palestine pound" 5288: 5195: 5190: 4692: 4687: 4525: 4446: 4121: 3936: 3487: 3290: 2946: 2658: 2437: 1002: 990: 986: 848: 495: 405: 342: 106: 91: 6049: 5739: 3258:
is theoretically in a currency union with four blocs as the South African rand,
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and some other territories participate partially in the EU single market per
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from their mainland state or have varying arrangements of formal or de facto
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Not currently on any political agenda, based mostly off conspiracy theories.
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The first currency unions were established in the 19th century. The German
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do not intend to adopt the currency at first but will do at a later date.
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proposed Pan-American monetary union – abandoned in the form proposed by
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Asongu, Simplice; Nwachukwu, Jacinta; Tchamyou, Vanessa (2016-08-01).
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of their respective mainland state, but are generally not part of its
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Monetary conservatism and fiscal coordination in a monetary union
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proposed gold-backed, pan-African monetary union put forward by
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means that countries have a similar economic behaviour (similar
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Board of Commissioners of Currency, Malaya and British Borneo
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Economist- Antipodean currencies (Australia and New Zealand)
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part four of the Treaty Establishing the European Community
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by virtue of bilateral or multilateral agreement with the
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are members of OECS currency union, but not of the CSME.
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France persuaded Belgium, Italy, Switzerland and Greece
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World map of current international currency unions:
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Agreement involving states sharing a single currency
5795:territories share the currency and mostly also the 3448:
Cooperation Council for the Arab States of the Gulf
3223:Formal for insular areas and sovereign status with 4524:and the North German states (1838–1857) using the 847:– establishment by multiple countries of a common 6079: 3303:Economic and Monetary Union of the European Union 6257: 3503:Brazil, Argentina and possibly other countries 866: 5778:of the currency union, others are part of the 5611:was the united currency of large areas of the 5386:"The Optimum Currency Area Theory and the EMU" 6065: 3301:The European currency union is a part of the 973: 660: 5546:. Bank Negara Malaysia. 2010. Archived from 2355:South Georgia and the South Sandwich Islands 2341:Saint Helena, Ascension and Tristan da Cunha 793:. These states may not necessarily have any 6040:Reasons for the collapse of the Rouble Zone 3296: 6072: 6058: 5409: 1586:International status and usage of the euro 1066: 812:There are three types of currency unions: 667: 653: 5970:and Di Bartolomeo, G. and Tirelli, P. , ‘ 5925: 5923: 3405:Economic Community of West African States 2056:Formal; currencies mutually exchangeable 917:Learn how and when to remove this message 5649: 5487: 678: 6045:OECD Development Centre – the Rand Zone 5383: 14: 6258: 5981: 5929: 5920: 5682: 5568: 5516: 1063:the findings of economic convergence. 6053: 5284:during the late 1940s and early 1950s 5246: 5187:(between 1905 and 1945), between the 3380:2012 (not met), 2015 (not met), 2024 1093: 5656:The Washington Post and Times-Herald 5258:proposed monetary union between the 3277:, are sometimes treated as separate 3030:United States Minor Outlying Islands 899:adding citations to reliable sources 870: 6030:West Africa opts for currency union 5155:between what ultimately became the 3407:, planned to eventually merge with 3275:EU member state special territories 2947:Turkish Republic of Northern Cyprus 1864:French Southern and Antarctic Lands 1116:Central Bank of West African States 801:, which would have, in addition, a 24: 5961: 5930:Bolton, Sally (10 December 2001). 5831: 5517:Bolton, Sally (10 December 2001). 5497:Bank for International Settlements 5488:Enoch, Charles; Krueger, Russell. 5412:"Currency unions, Monetary unions" 5384:Hafner, Kurt A.; Jager, Jennifer. 5030:) between 1885 and 1952 using the 1114:between 1945 and 1962 then by the 51: 25: 6297: 6023: 5993:Concise Encyclopedia of Economics 3801:Belgium-Luxembourg Economic Union 3273:territories, such as some of the 2173:Heard Island and McDonald Islands 320:International Chamber of Commerce 5998:Library of Economics and Liberty 5785:Territories of the United States 5740:"Zimbabwe abandons its currency" 5316: 5302: 5271: 5260: 5233: 5222: 5211: 5200: 5189: 5168: 5157: 5139: 5128: 5111: 5100: 5089: 5072: 5061: 5050: 5038: 5021: 5010: 4999: 4988: 4977: 4966: 4955: 4949:Malaya and British Borneo dollar 4938: 4927: 4916: 4899: 4888: 4871: 4860: 4843: 4832: 4821: 4810: 4799: 4781: 4769: 4758: 4747: 4736: 4725: 4708: 4697: 4686: 4673: 4662: 4651: 4631: 4620: 4603: 4592: 4571: 4560: 4543: 4532: 4515: 4498: 4487: 4476: 4464: 4453: 4436: 4425: 4408: 4397: 4382: 4371: 4360: 4349: 4338: 4327: 4316: 4296: 4285: 4274: 4263: 4252: 4241: 4229: 4218: 4200: 4189: 4178: 4167: 4150: 4139: 4128: 4107: 4096: 4079: 4068: 4057: 4040: 4029: 4018: 3997: 3986: 3975: 3964: 3943: 3935: 3918: 3907: 3896: 3879: 3868: 3851: 3840: 3823: 3812: 3789: 3778: 3760: 3749: 3738: 3727: 3715: 3704: 3693: 3682: 3671: 3660: 3649: 3637: 3626: 3608: 3597: 3586: 3575: 3564: 3547: 3536: 3476: 3441: 3361: 3248: 3203: 3190: 3176: 3163: 3151: 3139: 3127: 3112: 3100: 3088: 3064: 3050: 3036: 3022: 3008: 2994: 2971: 2939: 2926: 2870: 2857: 2813: 2801: 2789: 2776: 2740: 2728: 2715: 2679: 2666: 2634: 2621: 2588: 2571: 2557: 2543: 2520: 2484: 2472: 2459: 2399: 2385: 2371: 2347: 2333: 2319: 2305: 2291: 2277: 2254: 2218: 2206: 2194: 2179: 2165: 2151: 2137: 2123: 2109: 2095: 2072: 2040: 2027: 1973: 1961: 1949: 1937: 1925: 1913: 1900: 1884: 1870: 1856: 1832: 1820: 1808: 1796: 1784: 1772: 1760: 1748: 1736: 1724: 1712: 1700: 1688: 1676: 1664: 1652: 1640: 1628: 1616: 1604: 1591: 1551:Saint Vincent and the Grenadines 1543: 1529: 1515: 1501: 1487: 1473: 1459: 1444: 1429:Eastern Caribbean Currency Union 1398: 1384: 1369: 1325: 1311: 1297: 1283: 1269: 1255: 1232: 1218: 1204: 1190: 1176: 1162: 1148: 1134: 952: 875: 5949: 5895: 5881: 5806: 5789:Australian External Territories 5753: 5732: 5714: 5676: 5650:Zacharia, Janine (2010-05-31). 5643: 5634: 5622: 5601: 5585: 5569:Quah, C. H.; Ho, Y. J. (2020). 4314:(1865–1927), initially between 2900:European Free Trade Association 2021:Monetary Authority of Singapore 1997:Informal for Kosovo, Montenegro 886:needs additional citations for 5996:(2nd ed.). Indianapolis: 5932:"A history of currency unions" 5722:"Compact- Title 02 Article 05" 5562: 5536: 5510: 5481: 5455: 5430: 5403: 5377: 5349: 3293:signed by the mainland state. 3108:Federated States of Micronesia 2299:British Indian Ocean Territory 2117:Australian Antarctic Territory 1433:Eastern Caribbean Central Bank 1120:Bank of Central African States 13: 1: 6155:Complete economic integration 6081:Forms of economic integration 5343: 5337:North American Currency Union 5177:, between 1928 and 1979. The 3435:matrix partially established 933: 6276:International macroeconomics 6197:Economic integration effects 5683:Cobham, David (2004-09-15). 5519:"History of currency unions" 5463:"Global Financial Integrity" 4649:(1870s until 1924), between 4569:and all the emirates of the 3522: 3072:United States Virgin Islands 2906:), and now also part of the 867:Advantages and disadvantages 396:Intellectual property rights 7: 6150:Economic and monetary union 5847:Journal of Economic Surveys 5295: 4647:Scandinavian Monetary Union 3805:Belgian/Luxembourgish franc 3336:List of proposed currencies 3244:also has a currency union. 3242:economic and monetary union 3227:, informal for other areas 3225:Compact of Free Association 3081:Compact of Free Association 2892:economic and monetary union 2285:British Antarctic Territory 2159:Coral Sea Islands Territory 2103:Ashmore and Cartier Islands 1071: 1052:Scandinavian Monetary Union 819:– unilateral adoption of a 799:economic and monetary union 378:Economic and monetary union 300:International Monetary Fund 237:Voluntary export restraints 10: 6302: 6145:Customs and monetary union 5032:French Indochinese piastre 4910:Trinidad and Tobago dollar 4789:Gilbert and Ellice Islands 4509:British West African pound 4008:British West Indies dollar 3526: 3498:Planned for 2028 or later 3483:African Economic Community 3388:West African Monetary Zone 3333: 3329: 3238:customs and monetary union 2835:customs and monetary union 2771:Multilateral Monetary Area 1989:Formal, common policy and 1362:Overseas Issuing Institute 1111:Overseas Issuing Institute 1023: 974:Convergence and divergence 855:for their common currency. 373:Customs and monetary union 315:World Customs Organization 305:International Trade Centre 6220: 6212:Theory of the second best 6189: 6163: 6125: 6097:Preferential trading area 6087: 5690:. In David Cobham (ed.). 5575:Applied Economics Journal 5332:List of pegged currencies 3354: 1892:Saint Pierre and Miquelon 1248:Central African CFA franc 845:Formal with common policy 762:Central African CFA franc 338:Preferential trading area 4051:Eastern Caribbean dollar 3529:Bretton Woods Conference 3297:Currency union in Europe 3184:Turks and Caicos Islands 3044:Northern Mariana Islands 2019:Managed together by the 1424:Eastern Caribbean dollar 1277:Central African Republic 735:Eastern Caribbean dollar 619:Balassa–Samuelson effect 614:Ricardian trade theories 501:Largest consumer markets 310:World Trade Organization 5120:(until 1926) using the 4550:former Soviet republics 2145:Cocos (Keeling) Islands 1067:List of currency unions 995:European Monetary Union 634:Lerner symmetry theorem 4947:(1953–1967) using the 4586:Qatari and Dubai riyal 4552:(1991–1993) using the 4358:, and later involving 3954:Austro-Hungarian krone 3832:(1837–1867) using the 3368:East African Community 3307:Treaty of Paris (1951) 3198:British Virgin Islands 2908:European Single Market 2898:, then members of the 2434:Falkland Islands pound 1849:EU special territories 1415:Formal, common policy 1342:Formal, common policy 1126:West African CFA franc 774: 753:West African CFA franc 609:Gravity model of trade 506:Leading trade partners 411:Government procurement 212:Exchange rate controls 56: 5982:Bergin, Paul (2008). 5694:. London: Routledge. 5410:Global Economy, The. 4307:East African shilling 3807:from 1921 to the Euro 3433:free trade agreements 3373:East African shilling 3324:European Central Bank 3313:(1992). In 2002, the 2379:Bailiwick of Guernsey 1908:Akrotiri and Dhekelia 1560:Formal, common policy 1523:Saint Kitts and Nevis 1333:Republic of the Congo 861:optimal currency area 682: 589:Heckscher–Ohlin model 584:Competitive advantage 579:Comparative advantage 466:Trade and development 227:Countervailing duties 55: 6286:Economic integration 6207:Harmonisation of law 6202:Friction of distance 6107:Economic partnership 5793:Realm of New Zealand 5150:German reunification 5107:Anglo-Egyptian Sudan 4854:South German guilder 4578:United Arab Emirates 4419:United States dollar 4392:and other countries. 4312:Latin Monetary Union 3941:Austria-Hungary and 3621:from 1959 until 1966 3468:United Arab Emirates 2964:United States dollar 2894:—1924 creation of a 2270:Overseas Territories 2088:external territories 1037:Latin Monetary Union 895:improve this article 699:United States dollar 604:Intra-industry trade 332:Economic integration 282:Economic integration 277:Economic nationalism 6281:Proposed currencies 5891:. 30 November 2001. 5240:Wang Jingwei regime 5164:Republic of Ireland 5118:Mandatory Palestine 5070:(later independent 4895:Trinidad and Tobago 4526:North German thaler 4212:East African florin 4036:Trinidad and Tobago 3993:Trinidad and Tobago 3862:Czechoslovak koruna 3830:Straits Settlements 3758:(later independent 3421:Asian Monetary Unit 2393:Bailiwick of Jersey 1467:Antigua and Barbuda 795:further integration 232:Anti-dumping duties 172:Non-tariff barriers 117:Import substitution 6112:Passport-free zone 5988:David R. Henderson 5859:10.1111/joes.12174 5770:2013-11-16 at the 5761:Overseas countries 5416:The Global Economy 5324:Numismatics portal 5291:prior to his death 5247:Never materialized 5083:South African rand 4303:Italian Somaliland 4292:British Somaliland 4161:East African rupee 3711:British Somaliland 3457:Arabian Peninsula 3409:West African franc 3265:Additionally, the 2766:South African rand 2614:Israeli new sheqel 2513:New Zealand dollar 2503:Nepal minor usage 2489:    2442:Saint Helena pound 2364:Crown Dependencies 999:government deficit 859:The theory of the 853:monetary authority 835:monetary authority 775: 744:South African rand 599:Economic geography 406:Competition policy 202:Technical barriers 182:Tariff-rate quotas 127:Trade facilitation 112:Export orientation 57: 6253: 6252: 5976:Economics Letters 5801:customs territory 5057:South West Africa 4719:Australian dollar 4642:New Zealand pound 4250:(later merged as 4014:Eastern Caribbean 3960:Eastern Caribbean 3520: 3519: 3311:Maastricht Treaty 3279:customs territory 3234: 3233: 2841:member countries 2065:Australian dollar 1406:Wallis and Futuna 1305:Equatorial Guinea 927: 926: 919: 789:sharing the same 726:Australian dollar 677: 676: 624:Linder hypothesis 436:Emissions trading 16:(Redirected from 6293: 6074: 6067: 6060: 6051: 6050: 6019: 5984:"Monetary Union" 5978:’, 94(1): 56–63. 5956: 5953: 5947: 5946: 5941: 5939: 5934:. guardian.co.uk 5927: 5918: 5917: 5915: 5914: 5899: 5893: 5892: 5885: 5879: 5878: 5844: 5835: 5829: 5828: 5826: 5824: 5814:"European Union" 5810: 5804: 5757: 5751: 5750: 5748: 5747: 5736: 5730: 5729: 5718: 5712: 5711: 5709: 5708: 5689: 5680: 5674: 5673: 5671: 5670: 5647: 5641: 5638: 5632: 5626: 5620: 5605: 5599: 5589: 5583: 5582: 5566: 5560: 5559: 5557: 5555: 5540: 5534: 5533: 5531: 5529: 5514: 5508: 5507: 5505: 5503: 5494: 5485: 5479: 5478: 5476: 5474: 5459: 5453: 5452: 5450: 5448: 5434: 5428: 5427: 5425: 5423: 5407: 5401: 5400: 5398: 5396: 5381: 5375: 5374: 5372: 5370: 5361: 5353: 5326: 5321: 5320: 5319: 5312: 5307: 5306: 5305: 5276: 5275: 5265: 5264: 5238: 5237: 5227: 5226: 5216: 5215: 5205: 5204: 5194: 5193: 5173: 5172: 5162: 5161: 5144: 5143: 5133: 5132: 5116: 5115: 5114: 5105: 5104: 5103: 5094: 5093: 5077: 5076: 5066: 5065: 5064: 5055: 5054: 5044: 5042: 5041: 5026: 5025: 5015: 5014: 5013: 5004: 5003: 5002: 4993: 4992: 4991: 4982: 4981: 4980: 4971: 4970: 4969: 4960: 4959: 4958: 4943: 4942: 4932: 4931: 4921: 4920: 4904: 4903: 4893: 4892: 4876: 4875: 4865: 4864: 4848: 4847: 4846: 4837: 4836: 4835: 4826: 4825: 4824: 4815: 4814: 4813: 4804: 4803: 4802: 4793:Australian pound 4786: 4785: 4784: 4774: 4773: 4772: 4763: 4762: 4761: 4752: 4751: 4750: 4741: 4740: 4739: 4730: 4729: 4713: 4712: 4704:Papua New Guinea 4702: 4701: 4691: 4690: 4678: 4677: 4667: 4666: 4656: 4655: 4636: 4635: 4625: 4624: 4623: 4608: 4607: 4597: 4596: 4576: 4575: 4565: 4564: 4548: 4547: 4546: 4537: 4536: 4520: 4519: 4503: 4502: 4492: 4491: 4481: 4480: 4479: 4469: 4468: 4467: 4458: 4457: 4456: 4441: 4440: 4430: 4429: 4413: 4412: 4402: 4401: 4388: 4386: 4385: 4376: 4375: 4365: 4364: 4354: 4353: 4343: 4342: 4332: 4331: 4321: 4320: 4301: 4300: 4299: 4290: 4289: 4279: 4278: 4268: 4267: 4257: 4256: 4246: 4245: 4235: 4233: 4232: 4223: 4222: 4206: 4204: 4203: 4194: 4193: 4192: 4183: 4182: 4181: 4172: 4171: 4170: 4155: 4154: 4153: 4144: 4143: 4142: 4133: 4132: 4131: 4112: 4111: 4101: 4100: 4084: 4083: 4073: 4072: 4062: 4061: 4045: 4044: 4034: 4033: 4032: 4023: 4022: 4021: 4002: 4001: 3991: 3990: 3989: 3980: 3979: 3978: 3969: 3968: 3967: 3948: 3947: 3940: 3939: 3923: 3922: 3912: 3911: 3901: 3900: 3884: 3883: 3873: 3872: 3856: 3855: 3845: 3844: 3828: 3827: 3817: 3816: 3794: 3793: 3783: 3782: 3765: 3764: 3754: 3753: 3743: 3742: 3741: 3732: 3731: 3730: 3720: 3719: 3709: 3708: 3698: 3697: 3687: 3686: 3685: 3676: 3675: 3665: 3664: 3663: 3654: 3653: 3643: 3641: 3640: 3631: 3630: 3629: 3613: 3612: 3602: 3601: 3591: 3590: 3589: 3580: 3579: 3569: 3568: 3552: 3551: 3541: 3540: 3481: 3480: 3479: 3446: 3445: 3444: 3366: 3365: 3340: 3339: 3254: 3252: 3251: 3208: 3207: 3196: 3194: 3193: 3182: 3180: 3179: 3169: 3167: 3166: 3157: 3155: 3154: 3145: 3143: 3142: 3133: 3131: 3130: 3118: 3116: 3115: 3106: 3104: 3103: 3096:Marshall Islands 3094: 3092: 3091: 3070: 3068: 3067: 3056: 3054: 3053: 3042: 3040: 3039: 3028: 3026: 3025: 3014: 3012: 3011: 3000: 2998: 2997: 2977: 2975: 2974: 2945: 2943: 2942: 2932: 2930: 2929: 2876: 2874: 2873: 2863: 2861: 2860: 2819: 2817: 2816: 2807: 2805: 2804: 2795: 2793: 2792: 2782: 2780: 2779: 2746: 2744: 2743: 2734: 2732: 2731: 2721: 2719: 2718: 2685: 2683: 2682: 2672: 2670: 2669: 2640: 2638: 2637: 2627: 2625: 2624: 2596:Pitcairn Islands 2594: 2592: 2591: 2577: 2575: 2574: 2563: 2561: 2560: 2549: 2547: 2546: 2526: 2524: 2523: 2490: 2488: 2487: 2478: 2476: 2475: 2465: 2463: 2462: 2405: 2403: 2402: 2391: 2389: 2388: 2377: 2375: 2374: 2353: 2351: 2350: 2339: 2337: 2336: 2325: 2323: 2322: 2313:Falkland Islands 2311: 2309: 2308: 2297: 2295: 2294: 2283: 2281: 2280: 2260: 2258: 2257: 2224: 2222: 2221: 2212: 2210: 2209: 2200: 2198: 2197: 2185: 2183: 2182: 2171: 2169: 2168: 2157: 2155: 2154: 2143: 2141: 2140: 2131:Christmas Island 2129: 2127: 2126: 2115: 2113: 2112: 2101: 2099: 2098: 2078: 2076: 2075: 2046: 2044: 2043: 2033: 2031: 2030: 2008:Singapore dollar 1979: 1977: 1976: 1967: 1965: 1964: 1955: 1953: 1952: 1943: 1941: 1940: 1931: 1929: 1928: 1919: 1917: 1916: 1906: 1904: 1903: 1890: 1888: 1887: 1878:Saint Barthélemy 1876: 1874: 1873: 1862: 1860: 1859: 1838: 1836: 1835: 1826: 1824: 1823: 1814: 1812: 1811: 1802: 1800: 1799: 1790: 1788: 1787: 1778: 1776: 1775: 1766: 1764: 1763: 1754: 1752: 1751: 1742: 1740: 1739: 1730: 1728: 1727: 1718: 1716: 1715: 1706: 1704: 1703: 1694: 1692: 1691: 1682: 1680: 1679: 1670: 1668: 1667: 1658: 1656: 1655: 1646: 1644: 1643: 1634: 1632: 1631: 1622: 1620: 1619: 1610: 1608: 1607: 1596: 1595: 1549: 1547: 1546: 1535: 1533: 1532: 1521: 1519: 1518: 1507: 1505: 1504: 1493: 1491: 1490: 1479: 1477: 1476: 1465: 1463: 1462: 1450: 1448: 1447: 1404: 1402: 1401: 1390: 1388: 1387: 1377:French Polynesia 1375: 1373: 1372: 1331: 1329: 1328: 1317: 1315: 1314: 1303: 1301: 1300: 1289: 1287: 1286: 1275: 1273: 1272: 1261: 1259: 1258: 1238: 1236: 1235: 1224: 1222: 1221: 1210: 1208: 1207: 1196: 1194: 1193: 1182: 1180: 1179: 1168: 1166: 1165: 1154: 1152: 1151: 1140: 1138: 1137: 1076: 1075: 922: 915: 911: 908: 902: 879: 871: 831:foreign currency 821:foreign currency 768: 759: 750: 741: 732: 723: 714: 705: 696: 687: 669: 662: 655: 629:Leontief paradox 594:New trade theory 197:Export subsidies 82:Balance of trade 30: 29: 21: 6301: 6300: 6296: 6295: 6294: 6292: 6291: 6290: 6271:Currency unions 6256: 6255: 6254: 6249: 6216: 6185: 6181:Political union 6164:Shared policies 6159: 6121: 6102:Free-trade area 6083: 6078: 6026: 6008: 5964: 5962:Further reading 5959: 5954: 5950: 5937: 5935: 5928: 5921: 5912: 5910: 5901: 5900: 5896: 5887: 5886: 5882: 5842: 5836: 5832: 5822: 5820: 5812: 5811: 5807: 5783: 5772:Wayback Machine 5758: 5754: 5745: 5743: 5738: 5737: 5733: 5720: 5719: 5715: 5706: 5704: 5702: 5687: 5681: 5677: 5668: 5666: 5648: 5644: 5639: 5635: 5627: 5623: 5606: 5602: 5590: 5586: 5567: 5563: 5553: 5551: 5550:on 22 July 2011 5542: 5541: 5537: 5527: 5525: 5515: 5511: 5501: 5499: 5492: 5486: 5482: 5472: 5470: 5467:gfintegrity.org 5461: 5460: 5456: 5446: 5444: 5436: 5435: 5431: 5421: 5419: 5408: 5404: 5394: 5392: 5382: 5378: 5368: 5366: 5359: 5355: 5354: 5350: 5346: 5322: 5317: 5315: 5308: 5303: 5301: 5298: 5289:Muammar Gaddafi 5270: 5259: 5249: 5232: 5221: 5210: 5199: 5196:Empire of Japan 5188: 5167: 5156: 5138: 5127: 5112: 5110: 5101: 5099: 5088: 5071: 5062: 5060: 5049: 5039: 5037: 5020: 5011: 5009: 5000: 4998: 4989: 4987: 4978: 4976: 4967: 4965: 4956: 4954: 4937: 4926: 4915: 4898: 4887: 4870: 4859: 4844: 4842: 4833: 4831: 4822: 4820: 4811: 4809: 4800: 4798: 4782: 4780: 4777:Solomon Islands 4770: 4768: 4759: 4757: 4748: 4746: 4737: 4735: 4724: 4707: 4696: 4693:Solomon Islands 4685: 4672: 4661: 4650: 4630: 4621: 4619: 4602: 4591: 4570: 4559: 4544: 4542: 4531: 4514: 4497: 4486: 4477: 4475: 4465: 4463: 4454: 4452: 4447:Mauritian rupee 4435: 4424: 4407: 4396: 4383: 4381: 4370: 4359: 4348: 4337: 4326: 4315: 4297: 4295: 4284: 4273: 4262: 4251: 4240: 4230: 4228: 4217: 4201: 4199: 4190: 4188: 4179: 4177: 4168: 4166: 4151: 4149: 4140: 4138: 4129: 4127: 4122:Jamaican dollar 4106: 4095: 4078: 4067: 4056: 4039: 4030: 4028: 4019: 4017: 3996: 3987: 3985: 3976: 3974: 3965: 3963: 3942: 3934: 3917: 3906: 3895: 3878: 3867: 3850: 3839: 3822: 3811: 3795:Grand-Duchy of 3788: 3777: 3759: 3748: 3739: 3737: 3728: 3726: 3714: 3703: 3692: 3683: 3681: 3670: 3661: 3659: 3648: 3638: 3636: 3627: 3625: 3607: 3596: 3587: 3585: 3574: 3563: 3546: 3535: 3531: 3525: 3477: 3475: 3442: 3440: 3360: 3338: 3332: 3299: 3249: 3247: 3217: 3212: 3202: 3201: 3191: 3189: 3187: 3177: 3175: 3173: 3164: 3162: 3161: 3152: 3150: 3149: 3140: 3138: 3137: 3128: 3126: 3124: 3122: 3113: 3111: 3110: 3101: 3099: 3098: 3089: 3087: 3086: 3076: 3065: 3063: 3061: 3051: 3049: 3047: 3037: 3035: 3033: 3023: 3021: 3019: 3009: 3007: 3005: 2995: 2993: 2991: 2982: 2981: 2972: 2970: 2940: 2938: 2936: 2927: 2925: 2887: 2871: 2869: 2867: 2858: 2856: 2830: 2814: 2812: 2811: 2802: 2800: 2799: 2790: 2788: 2786: 2777: 2775: 2750: 2741: 2739: 2738: 2729: 2727: 2725: 2716: 2714: 2680: 2678: 2676: 2667: 2665: 2659:Jordanian dinar 2635: 2633: 2631: 2622: 2620: 2589: 2587: 2584: 2582: 2572: 2570: 2568: 2558: 2556: 2554: 2544: 2542: 2540: 2531: 2530: 2521: 2519: 2501: 2485: 2483: 2482: 2473: 2471: 2469: 2460: 2458: 2438:Gibraltar pound 2400: 2398: 2396: 2386: 2384: 2382: 2372: 2370: 2368: 2359: 2348: 2346: 2344: 2334: 2332: 2330: 2320: 2318: 2316: 2306: 2304: 2302: 2292: 2290: 2288: 2278: 2276: 2274: 2265: 2264: 2255: 2253: 2219: 2217: 2216: 2207: 2205: 2204: 2195: 2193: 2191: 2180: 2178: 2176: 2166: 2164: 2162: 2152: 2150: 2148: 2138: 2136: 2134: 2124: 2122: 2120: 2110: 2108: 2106: 2096: 2094: 2092: 2083: 2082: 2073: 2071: 2041: 2039: 2037: 2028: 2026: 2010: 1998: 1996: 1994: 1974: 1972: 1971: 1962: 1960: 1959: 1950: 1948: 1947: 1938: 1936: 1935: 1926: 1924: 1923: 1914: 1912: 1911: 1901: 1899: 1896: 1885: 1883: 1881: 1871: 1869: 1867: 1857: 1855: 1853: 1844: 1842: 1833: 1831: 1830: 1821: 1819: 1818: 1809: 1807: 1806: 1797: 1795: 1794: 1785: 1783: 1782: 1773: 1771: 1770: 1761: 1759: 1758: 1749: 1747: 1746: 1737: 1735: 1734: 1725: 1723: 1722: 1713: 1711: 1710: 1701: 1699: 1698: 1689: 1687: 1686: 1677: 1675: 1674: 1665: 1663: 1662: 1653: 1651: 1650: 1641: 1639: 1638: 1629: 1627: 1626: 1617: 1615: 1614: 1605: 1603: 1601: 1590: 1561: 1544: 1542: 1540: 1530: 1528: 1526: 1516: 1514: 1512: 1502: 1500: 1498: 1488: 1486: 1484: 1474: 1472: 1470: 1460: 1458: 1455: 1445: 1443: 1435:(ECCB) and the 1399: 1397: 1395: 1385: 1383: 1380: 1370: 1368: 1356:Issued by the ( 1326: 1324: 1322: 1312: 1310: 1308: 1298: 1296: 1294: 1284: 1282: 1280: 1270: 1268: 1266: 1256: 1254: 1252: 1244: 1233: 1231: 1229: 1219: 1217: 1215: 1205: 1203: 1201: 1191: 1189: 1187: 1177: 1175: 1173: 1163: 1161: 1159: 1149: 1147: 1145: 1135: 1133: 1130: 1105:Issued by the ( 1074: 1069: 1026: 1003:government debt 991:economic growth 987:inflation rates 976: 955: 936: 923: 912: 906: 903: 892: 880: 869: 849:monetary policy 781:(also known as 773: 766: 764: 757: 755: 748: 746: 739: 737: 730: 728: 721: 719: 712: 710: 703: 701: 694: 692: 685: 673: 644: 643: 574: 566: 565: 521: 511: 510: 481: 471: 470: 441:Trade sanctions 391: 383: 382: 343:Free-trade area 333: 325: 324: 295: 287: 286: 252: 242: 241: 187:Import licenses 157: 147: 146: 107:Trade diversion 67: 28: 23: 22: 18:Common currency 15: 12: 11: 5: 6299: 6289: 6288: 6283: 6278: 6273: 6268: 6251: 6250: 6248: 6247: 6242: 6237: 6232: 6226: 6224: 6218: 6217: 6215: 6214: 6209: 6204: 6199: 6193: 6191: 6187: 6186: 6184: 6183: 6178: 6173: 6167: 6165: 6161: 6160: 6158: 6157: 6152: 6147: 6142: 6140:Monetary union 6137: 6131: 6129: 6127:Economic union 6123: 6122: 6120: 6119: 6114: 6109: 6104: 6099: 6093: 6091: 6085: 6084: 6077: 6076: 6069: 6062: 6054: 6048: 6047: 6042: 6037: 6032: 6025: 6024:External links 6022: 6021: 6020: 6007:978-0865976658 6006: 5979: 5963: 5960: 5958: 5957: 5948: 5919: 5894: 5880: 5853:(3): 878–902. 5830: 5805: 5752: 5731: 5726:www.fsmlaw.org 5713: 5700: 5675: 5642: 5633: 5628:alongside the 5621: 5617:Southeast Asia 5609:Spanish Dollar 5600: 5584: 5561: 5535: 5509: 5480: 5469:. 20 June 2011 5454: 5429: 5402: 5390:Intereconomics 5376: 5347: 5345: 5342: 5341: 5340: 5334: 5328: 5327: 5313: 5297: 5294: 5293: 5292: 5285: 5282:pound sterling 5267:United Kingdom 5256: 5248: 5245: 5244: 5243: 5182: 5175:United Kingdom 5153: 5124: 5122:Egyptian pound 5085: 5034: 4951: 4912: 4884: 4882:Spanish peseta 4856: 4795: 4721: 4682: 4644: 4616: 4588: 4556: 4528: 4511: 4494:the Gold Coast 4449: 4421: 4393: 4309: 4214: 4163: 4124: 4118:Jamaican pound 4114:Cayman Islands 4092: 4053: 4047:British Guiana 4010: 4004:British Guiana 3956: 3931: 3892: 3890:Ethiopian birr 3864: 3847:Czech Republic 3836: 3808: 3774: 3723:Trucial States 3622: 3615:Trucial States 3560: 3558:Bahraini dinar 3524: 3521: 3518: 3517: 3513: 3510: 3509:Latin America 3507: 3504: 3500: 3499: 3496: 3493: 3490: 3485: 3472: 3471: 3461: 3458: 3455: 3450: 3437: 3436: 3429: 3426: 3423: 3418: 3412: 3411: 3401: 3398: 3395: 3390: 3384: 3383: 3381: 3378: 3375: 3370: 3357: 3356: 3353: 3350: 3347: 3344: 3331: 3328: 3298: 3295: 3232: 3231: 3228: 3221: 3219:(Panama only) 3214: 3002:American Samoa 2968: 2966: 2960: 2959: 2956: 2953: 2950: 2923: 2921: 2915: 2914: 2911: 2884: 2881: 2854: 2852: 2846: 2845: 2842: 2827: 2824: 2773: 2768: 2762: 2761: 2758: 2755: 2752: 2712: 2710: 2704: 2703: 2700: 2697: 2695: 2663: 2661: 2655: 2654: 2651: 2648: 2645: 2618: 2616: 2610: 2609: 2606: 2603: 2600: 2517: 2515: 2509: 2508: 2507:1,352,000,000 2505: 2498: 2495: 2456: 2454: 2448: 2447: 2444: 2430:Alderney pound 2418:Guernsey pound 2414: 2411: 2262:United Kingdom 2251: 2245: 2243:Pound sterling 2239: 2238: 2235: 2232: 2229: 2187:Norfolk Island 2069: 2067: 2061: 2060: 2057: 2054: 2051: 2024: 2016: 2004: 2003: 2000: 1993:for EU members 1987: 1984: 1588: 1583: 1577: 1576: 1573: 1558: 1555: 1440: 1426: 1420: 1419: 1416: 1413: 1410: 1365: 1353: 1347: 1346: 1343: 1340: 1337: 1122: 1102: 1096: 1095: 1092: 1089: 1086: 1083: 1080: 1073: 1070: 1068: 1065: 1025: 1022: 1007:interest rates 983:macroeconomics 975: 972: 971: 970: 966: 962: 959: 954: 951: 950: 949: 946: 943: 940: 935: 932: 925: 924: 883: 881: 874: 868: 865: 857: 856: 842: 829:– adoption of 824: 783:monetary union 779:currency union 765: 756: 747: 738: 729: 720: 711: 702: 693: 684: 675: 674: 672: 671: 664: 657: 649: 646: 645: 642: 641: 639:Terms of trade 636: 631: 626: 621: 616: 611: 606: 601: 596: 591: 586: 581: 575: 572: 571: 568: 567: 564: 563: 558: 553: 548: 543: 538: 533: 531:Trading nation 528: 522: 517: 516: 513: 512: 509: 508: 503: 498: 493: 488: 482: 477: 476: 473: 472: 469: 468: 463: 462: 461: 456: 451: 443: 438: 433: 428: 423: 418: 413: 408: 403: 398: 392: 389: 388: 385: 384: 381: 380: 375: 370: 365: 363:Economic union 360: 355: 350: 348:Currency union 345: 340: 334: 331: 330: 327: 326: 323: 322: 317: 312: 307: 302: 296: 293: 292: 289: 288: 285: 284: 279: 274: 269: 264: 259: 253: 248: 247: 244: 243: 240: 239: 234: 229: 224: 219: 214: 209: 204: 199: 194: 192:Customs duties 189: 184: 179: 174: 169: 164: 162:Trade barriers 158: 153: 152: 149: 148: 145: 144: 139: 137:Domestic trade 134: 129: 124: 119: 114: 109: 104: 102:Trade creation 99: 94: 89: 84: 79: 74: 68: 63: 62: 59: 58: 48: 47: 41: 40: 26: 9: 6: 4: 3: 2: 6298: 6287: 6284: 6282: 6279: 6277: 6274: 6272: 6269: 6267: 6264: 6263: 6261: 6246: 6245:North America 6243: 6241: 6238: 6236: 6235:Latin America 6233: 6231: 6228: 6227: 6225: 6223: 6219: 6213: 6210: 6208: 6205: 6203: 6200: 6198: 6195: 6194: 6192: 6188: 6182: 6179: 6177: 6174: 6172: 6169: 6168: 6166: 6162: 6156: 6153: 6151: 6148: 6146: 6143: 6141: 6138: 6136: 6135:Customs union 6133: 6132: 6130: 6128: 6124: 6118: 6117:Single market 6115: 6113: 6110: 6108: 6105: 6103: 6100: 6098: 6095: 6094: 6092: 6090: 6086: 6082: 6075: 6070: 6068: 6063: 6061: 6056: 6055: 6052: 6046: 6043: 6041: 6038: 6036: 6033: 6031: 6028: 6027: 6017: 6013: 6009: 6003: 5999: 5995: 5994: 5989: 5985: 5980: 5977: 5973: 5969: 5966: 5965: 5952: 5945: 5933: 5926: 5924: 5908: 5904: 5898: 5890: 5884: 5876: 5872: 5868: 5864: 5860: 5856: 5852: 5848: 5841: 5834: 5819: 5815: 5809: 5802: 5798: 5794: 5790: 5786: 5781: 5780:customs union 5777: 5773: 5769: 5766: 5762: 5756: 5741: 5735: 5727: 5723: 5717: 5703: 5701:9780415327619 5697: 5693: 5686: 5679: 5665: 5661: 5657: 5653: 5646: 5637: 5631: 5625: 5618: 5614: 5610: 5604: 5597: 5593: 5588: 5580: 5576: 5572: 5565: 5549: 5545: 5539: 5524: 5520: 5513: 5498: 5491: 5484: 5468: 5464: 5458: 5443: 5439: 5433: 5418:. Naven Valev 5417: 5413: 5406: 5391: 5387: 5380: 5365: 5364:WorldBank.org 5358: 5352: 5348: 5338: 5335: 5333: 5330: 5329: 5325: 5314: 5311: 5300: 5290: 5286: 5283: 5279: 5274: 5268: 5263: 5257: 5255: 5251: 5250: 5241: 5236: 5230: 5225: 5219: 5214: 5208: 5207:Korean Empire 5203: 5197: 5192: 5186: 5183: 5180: 5176: 5171: 5165: 5160: 5154: 5151: 5147: 5142: 5136: 5131: 5125: 5123: 5119: 5108: 5097: 5092: 5086: 5084: 5080: 5075: 5069: 5058: 5053: 5047: 5035: 5033: 5029: 5024: 5018: 5007: 4996: 4985: 4974: 4963: 4952: 4950: 4946: 4941: 4935: 4930: 4924: 4919: 4913: 4911: 4907: 4902: 4896: 4891: 4885: 4883: 4879: 4874: 4868: 4863: 4857: 4855: 4851: 4840: 4829: 4818: 4807: 4796: 4794: 4790: 4778: 4766: 4755: 4744: 4733: 4728: 4722: 4720: 4716: 4711: 4705: 4700: 4694: 4689: 4683: 4681: 4676: 4670: 4665: 4659: 4654: 4648: 4645: 4643: 4639: 4634: 4628: 4627:Western Samoa 4617: 4615: 4611: 4606: 4600: 4595: 4589: 4587: 4583: 4579: 4574: 4568: 4563: 4557: 4555: 4551: 4540: 4535: 4529: 4527: 4523: 4518: 4512: 4510: 4506: 4501: 4495: 4490: 4484: 4473: 4461: 4450: 4448: 4444: 4439: 4433: 4428: 4422: 4420: 4416: 4415:United States 4411: 4405: 4400: 4394: 4391: 4379: 4374: 4368: 4363: 4357: 4352: 4346: 4341: 4335: 4330: 4324: 4319: 4313: 4310: 4308: 4304: 4293: 4288: 4282: 4277: 4271: 4266: 4260: 4255: 4249: 4244: 4238: 4226: 4221: 4215: 4213: 4209: 4197: 4186: 4175: 4164: 4162: 4158: 4147: 4136: 4125: 4123: 4119: 4115: 4110: 4104: 4099: 4093: 4091: 4087: 4082: 4076: 4071: 4065: 4060: 4054: 4052: 4048: 4043: 4037: 4026: 4015: 4011: 4009: 4005: 4000: 3994: 3983: 3972: 3961: 3957: 3955: 3951: 3950:Liechtenstein 3946: 3938: 3932: 3930: 3926: 3921: 3915: 3910: 3904: 3899: 3893: 3891: 3887: 3882: 3876: 3871: 3865: 3863: 3859: 3854: 3848: 3843: 3837: 3835: 3831: 3826: 3820: 3819:British India 3815: 3809: 3806: 3802: 3798: 3792: 3786: 3781: 3775: 3772: 3768: 3763: 3757: 3756:British India 3752: 3746: 3735: 3724: 3718: 3712: 3707: 3701: 3696: 3690: 3679: 3674: 3668: 3657: 3652: 3646: 3634: 3623: 3620: 3616: 3611: 3605: 3600: 3594: 3583: 3578: 3572: 3567: 3561: 3559: 3555: 3550: 3544: 3539: 3533: 3532: 3530: 3514: 3511: 3508: 3505: 3502: 3501: 3497: 3494: 3491: 3489: 3488:Afro or Afriq 3486: 3484: 3474: 3473: 3469: 3465: 3462: 3459: 3456: 3454: 3451: 3449: 3439: 3438: 3434: 3430: 3427: 3424: 3422: 3419: 3417: 3414: 3413: 3410: 3406: 3402: 3399: 3396: 3394: 3391: 3389: 3386: 3385: 3382: 3379: 3376: 3374: 3371: 3369: 3364: 3359: 3358: 3351: 3348: 3345: 3342: 3341: 3337: 3327: 3325: 3320: 3316: 3312: 3308: 3304: 3294: 3292: 3288: 3287:common market 3284: 3283:customs union 3280: 3276: 3272: 3268: 3263: 3261: 3260:Botswana pula 3257: 3245: 3243: 3239: 3229: 3226: 3222: 3220: 3215: 3213: 3211: 3206: 3200: 3199: 3186: 3185: 3172: 3160: 3148: 3136: 3123: 3121: 3109: 3097: 3084: 3082: 3075: 3074: 3073: 3060: 3059: 3046: 3045: 3032: 3031: 3018: 3017: 3004: 3003: 2990: 2988: 2987:insular areas 2980: 2979:United States 2969: 2967: 2965: 2962: 2961: 2957: 2954: 2951: 2949: 2948: 2935: 2924: 2922: 2920: 2917: 2916: 2912: 2909: 2905: 2904:common market 2901: 2897: 2896:customs union 2893: 2890: 2885: 2882: 2880: 2879: 2866: 2865:Liechtenstein 2855: 2853: 2851: 2848: 2847: 2843: 2840: 2836: 2833: 2828: 2825: 2823: 2822: 2810: 2798: 2785: 2774: 2772: 2769: 2767: 2764: 2763: 2759: 2756: 2753: 2751: 2749: 2748:South Ossetia 2737: 2724: 2713: 2711: 2709: 2708:Russian ruble 2706: 2705: 2701: 2698: 2696: 2694: 2692: 2688: 2675: 2664: 2662: 2660: 2657: 2656: 2652: 2649: 2646: 2644: 2643: 2630: 2619: 2617: 2615: 2612: 2611: 2607: 2604: 2601: 2599: 2598: 2597: 2583: 2581: 2580: 2567: 2566: 2553: 2552: 2539: 2537: 2529: 2518: 2516: 2514: 2511: 2510: 2506: 2504: 2499: 2496: 2494: 2493: 2481: 2468: 2457: 2455: 2453: 2450: 2449: 2445: 2443: 2439: 2435: 2431: 2427: 2423: 2419: 2415: 2412: 2410: 2409: 2408: 2395: 2394: 2381: 2380: 2367: 2365: 2358: 2357: 2356: 2343: 2342: 2329: 2328: 2315: 2314: 2301: 2300: 2287: 2286: 2273: 2271: 2263: 2252: 2249: 2248:Sterling area 2246: 2244: 2241: 2240: 2236: 2233: 2230: 2228: 2227: 2215: 2203: 2190: 2189: 2188: 2175: 2174: 2161: 2160: 2147: 2146: 2133: 2132: 2119: 2118: 2105: 2104: 2091: 2089: 2081: 2070: 2068: 2066: 2063: 2062: 2058: 2055: 2052: 2050: 2049: 2036: 2025: 2023: 2022: 2017: 2015: 2014: 2013:Brunei dollar 2009: 2006: 2005: 2001: 1992: 1988: 1985: 1983: 1982: 1970: 1958: 1946: 1934: 1922: 1910: 1909: 1895: 1894: 1893: 1880: 1879: 1866: 1865: 1852: 1850: 1843: 1841: 1829: 1817: 1805: 1793: 1781: 1769: 1757: 1745: 1733: 1721: 1709: 1697: 1685: 1673: 1661: 1649: 1637: 1625: 1613: 1599: 1594: 1589: 1587: 1584: 1582: 1579: 1578: 1574: 1571: 1567: 1564: 1559: 1556: 1554: 1553: 1552: 1539: 1538: 1525: 1524: 1511: 1510: 1497: 1496: 1483: 1482: 1469: 1468: 1454: 1453: 1441: 1438: 1434: 1430: 1427: 1425: 1422: 1421: 1417: 1414: 1411: 1409: 1408: 1407: 1394: 1393: 1392:New Caledonia 1379: 1378: 1366: 1364: 1363: 1359: 1354: 1352: 1349: 1348: 1344: 1341: 1338: 1336: 1335: 1334: 1321: 1320: 1307: 1306: 1293: 1292: 1279: 1278: 1265: 1264: 1251: 1249: 1243: 1242: 1241: 1228: 1227: 1214: 1213: 1200: 1199: 1186: 1185: 1184:Guinea-Bissau 1172: 1171: 1170:Côte d'Ivoire 1158: 1157: 1144: 1143: 1129: 1127: 1123: 1121: 1117: 1113: 1112: 1108: 1103: 1101: 1098: 1097: 1090: 1087: 1084: 1081: 1078: 1077: 1064: 1061: 1055: 1053: 1048: 1046: 1042: 1038: 1033: 1031: 1021: 1018: 1014: 1012: 1011:exchange rate 1008: 1004: 1000: 996: 992: 988: 984: 980: 967: 963: 960: 957: 956: 953:Disadvantages 947: 944: 941: 938: 937: 931: 921: 918: 910: 900: 896: 890: 889: 884:This section 882: 878: 873: 872: 864: 862: 854: 850: 846: 843: 840: 836: 832: 828: 825: 822: 818: 815: 814: 813: 810: 808: 807:single market 804: 803:customs union 800: 796: 792: 788: 784: 780: 772: 763: 754: 745: 736: 727: 718: 709: 700: 691: 681: 670: 665: 663: 658: 656: 651: 650: 648: 647: 640: 637: 635: 632: 630: 627: 625: 622: 620: 617: 615: 612: 610: 607: 605: 602: 600: 597: 595: 592: 590: 587: 585: 582: 580: 577: 576: 570: 569: 562: 559: 557: 554: 552: 549: 547: 544: 542: 539: 537: 536:United States 534: 532: 529: 527: 526:Trade mission 524: 523: 520: 515: 514: 507: 504: 502: 499: 497: 494: 492: 489: 487: 484: 483: 480: 475: 474: 467: 464: 460: 457: 455: 452: 450: 447: 446: 444: 442: 439: 437: 434: 432: 431:Trade justice 429: 427: 424: 422: 421:Globalization 419: 417: 414: 412: 409: 407: 404: 402: 399: 397: 394: 393: 387: 386: 379: 376: 374: 371: 369: 366: 364: 361: 359: 358:Single market 356: 354: 353:Customs union 351: 349: 346: 344: 341: 339: 336: 335: 329: 328: 321: 318: 316: 313: 311: 308: 306: 303: 301: 298: 297: 294:Organizations 291: 290: 283: 280: 278: 275: 273: 270: 268: 267:Laissez-faire 265: 263: 262:Protectionism 260: 258: 255: 254: 251: 246: 245: 238: 235: 233: 230: 228: 225: 223: 220: 218: 215: 213: 210: 208: 205: 203: 200: 198: 195: 193: 190: 188: 185: 183: 180: 178: 177:Import quotas 175: 173: 170: 168: 165: 163: 160: 159: 156: 151: 150: 143: 140: 138: 135: 133: 130: 128: 125: 123: 122:Trade finance 120: 118: 115: 113: 110: 108: 105: 103: 100: 98: 95: 93: 90: 88: 85: 83: 80: 78: 75: 73: 70: 69: 66: 61: 60: 54: 50: 49: 46: 43: 42: 39: 37: 32: 31: 19: 6176:Social union 6171:Fiscal union 6139: 5991: 5975: 5971: 5968:Acocella, N. 5951: 5943: 5936:. Retrieved 5911:. Retrieved 5909:. 2023-01-22 5906: 5897: 5883: 5850: 5846: 5833: 5821:. Retrieved 5817: 5808: 5755: 5744:. Retrieved 5742:. 2009-01-29 5734: 5725: 5716: 5705:. Retrieved 5691: 5678: 5667:. Retrieved 5655: 5645: 5636: 5624: 5603: 5587: 5578: 5574: 5564: 5552:. Retrieved 5548:the original 5538: 5526:. Retrieved 5523:The Guardian 5522: 5512: 5500:. Retrieved 5496: 5483: 5471:. Retrieved 5466: 5457: 5445:. Retrieved 5441: 5432: 5420:. Retrieved 5415: 5405: 5393:. Retrieved 5389: 5379: 5367:. Retrieved 5363: 5357:"World Bank" 5351: 5310:Money portal 5146:East Germany 5135:West Germany 5081:) using the 5068:Bechuanaland 5046:South Africa 4984:Guangzhouwan 4850:Hohenzollern 4684:between the 4599:Saudi Arabia 4554:Soviet ruble 4483:Sierra Leone 4281:South Arabia 4210:) using the 4090:Italian lira 4075:Vatican City 4012:between the 3958:between the 3929:French franc 3834:Indian rupee 3803:) using the 3771:Indian rupee 3769:) using the 3645:South Arabia 3617:, using the 3352:Target date 3300: 3264: 3246: 3236:Note: Every 3235: 3230:339,300,000 3218: 3188: 3174: 3125: 3079: 3077: 3062: 3048: 3034: 3020: 3006: 2992: 2985: 2983: 2937: 2919:Turkish lira 2888: 2875:   2868: 2831: 2809:South Africa 2787: 2760:142,177,000 2726: 2677: 2632: 2586: 2585: 2569: 2555: 2551:Cook Islands 2541: 2533: 2532: 2502: 2470: 2452:Indian rupee 2426:Jersey pound 2397: 2383: 2369: 2361: 2360: 2345: 2331: 2317: 2303: 2289: 2275: 2267: 2266: 2192: 2177: 2163: 2149: 2135: 2121: 2107: 2093: 2086: 2084: 2038: 2018: 2011: 2002:341,008,867 1981:Vatican City 1898: 1897: 1882: 1868: 1854: 1846: 1845: 1602: 1562: 1541: 1527: 1513: 1499: 1485: 1471: 1457: 1456: 1442: 1396: 1382: 1381: 1367: 1355: 1345:151,978,440 1323: 1309: 1295: 1281: 1267: 1253: 1246: 1245: 1230: 1216: 1202: 1188: 1174: 1160: 1156:Burkina Faso 1146: 1132: 1131: 1124: 1104: 1056: 1049: 1034: 1027: 1016: 1015: 1005:, long-term 981:in terms of 978: 977: 928: 913: 904: 893:Please help 888:verification 885: 858: 844: 839:currency peg 826: 816: 811: 797:(such as an 782: 778: 776: 717:Indian rupee 449:Currency war 368:Fiscal union 347: 257:Mercantilism 155:Restrictions 33: 6240:Middle East 5938:26 February 5581:(1): 23–51. 5179:Irish Pound 5017:Cochinchina 4828:Württemberg 4638:New Zealand 4614:Saudi riyal 4356:Switzerland 4198:(and later 3291:trade pacts 3210:BES islands 3171:Timor-Leste 3147:El Salvador 3058:Puerto Rico 2958:75,081,100 2878:Switzerland 2850:Swiss franc 2844:52,924,669 2653:11,738,000 2528:New Zealand 2446:62,321,000 2407:Isle of Man 2237:24,557,000 1792:Netherlands 1537:Saint Lucia 1094:Population 979:Convergence 907:August 2019 708:Swiss franc 454:Trade costs 416:Outsourcing 132:Trade route 45:World trade 6260:Categories 6089:Trade bloc 5913:2023-01-22 5746:2019-10-15 5707:2018-08-22 5669:2018-08-22 5596:Montserrat 5344:References 5280:using the 4908:using the 4880:using the 4852:using the 4791:using the 4754:New Guinea 4717:using the 4640:using the 4612:using the 4584:using the 4507:using the 4445:using the 4443:Seychelles 4417:using the 4305:using the 4237:Tanganyika 4208:Tanganyika 4159:using the 4120:and later 4116:using the 4088:using the 4086:San Marino 4049:using the 4006:using the 3952:using the 3927:using the 3888:using the 3773:until 1974 3619:Gulf rupee 3556:using the 3527:See also: 3343:Community 3334:See also: 3267:autonomous 2913:8,547,015 2702:8,922,000 2647:1927/1986 2608:4,411,000 2422:Manx pound 2059:5,137,000 1986:1999/2002 1969:San Marino 1957:Montenegro 1768:Luxembourg 1509:Montserrat 1030:Zollverein 1017:Divergence 934:Advantages 769: XPF 760: XAF 751: XOF 742: ZAR 733: XCD 724: AUD 715: INR 706: CHF 697: USD 688: EUR 519:By country 426:Fair trade 272:Free trade 222:Safeguards 97:Trade bloc 92:Trade pact 6016:237794267 5867:1467-6419 5818:Europa.eu 5664:0190-8286 5613:New World 5442:Study.com 5254:Argentina 5229:Mengjiang 5218:Manchukuo 4945:Singapore 4839:Frankfurt 4732:Australia 4715:Australia 4582:Abu Dhabi 4580:, except 4432:Mauritius 3797:Luxemburg 3554:Abu Dhabi 3523:Disbanded 3346:Currency 3271:dependent 2955:Informal 2757:Informal 2699:Informal 2691:West Bank 2687:Palestine 2650:Informal 2642:Palestine 2605:Informal 2327:Gibraltar 2250:(former) 2234:Informal 2080:Australia 2048:Singapore 1756:Lithuania 1351:CFP franc 1100:CFA franc 1079:Currency 771:CFP franc 541:Argentina 459:Trade war 401:Smuggling 87:Trade law 6266:Currency 5974:’, in: ‘ 5875:38454408 5823:30 April 5768:Archived 5630:ngultrum 5592:Anguilla 5528:30 April 5502:30 April 5473:30 April 5447:30 April 5369:30 April 5296:See also 5185:Yen Bloc 5166:and the 5126:between 5087:between 5079:Botswana 5036:between 4962:Cambodia 4953:between 4934:Malaysia 4914:between 4886:between 4858:between 4797:between 4723:between 4618:between 4590:between 4558:between 4541:and the 4530:between 4513:between 4451:between 4423:between 4406:and the 4395:between 4259:Tanzania 4248:Zanzibar 4216:between 4196:Zanzibar 4165:between 4157:Zanzibar 4126:between 4105:and the 4094:between 4055:between 4025:Barbados 3982:Barbados 3933:between 3894:between 3875:Ethiopia 3866:between 3858:Slovakia 3838:between 3821:and the 3810:between 3787:and the 3776:between 3745:Zanzibar 3624:between 3606:and the 3562:between 3534:between 3466:and the 3453:Khaleeji 3319:Eurozone 3256:Zimbabwe 2889:de facto 2886:Informal 2837:for the 2832:de facto 2821:Eswatini 2736:Abkhazia 2500:Informal 2202:Kiribati 1828:Slovenia 1816:Slovakia 1804:Portugal 1598:Eurozone 1575:625,000 1572:members 1563:de facto 1481:Dominica 1452:Anguilla 1418:552,537 1263:Cameroon 1118:and the 1072:Existing 969:regions. 817:Informal 791:currency 546:Pakistan 36:a series 34:Part of 6222:Regions 5990:(ed.). 5907:Reuters 5438:"Study" 5422:1 April 5395:1 April 5339:(Amero) 5028:Vietnam 5019:(later 4906:Grenada 4878:Andorra 4806:Bavaria 4658:Denmark 4522:Prussia 4505:Liberia 4460:Nigeria 4404:Liberia 4378:Romania 4334:Belgium 4103:Jamaica 3971:Jamaica 3925:Andorra 3886:Eritrea 3785:Belgium 3656:Bahrain 3571:Bahrain 3543:Bahrain 3492:Africa 3416:ASEAN+3 3403:Inside 3397:Africa 3377:Africa 3349:Region 3330:Planned 3135:Ecuador 3083:members 2797:Namibia 2784:Lesotho 2579:Tokelau 1921:Andorra 1720:Ireland 1696:Germany 1672:Finland 1660:Estonia 1636:Croatia 1624:Belgium 1612:Austria 1495:Grenada 1431:of the 1226:Senegal 1091:Status 1024:History 841:regime. 556:Vietnam 551:Romania 496:Tariffs 491:Exports 486:Imports 250:History 217:Embargo 207:Bribery 167:Tariffs 6230:Europe 6190:Theory 6014:  6004:  5873:  5865:  5797:market 5698:  5662:  5554:5 July 5278:Norway 5231:, the 5198:, the 5109:, and 5059:, and 5043:  5008:, and 5006:Tonkin 4936:, and 4923:Brunei 4841:, and 4779:, and 4680:Sweden 4669:Norway 4539:Russia 4472:Gambia 4387:  4367:Greece 4323:France 4270:Uganda 4234:  4205:  4187:, and 4185:Uganda 4148:, and 4146:Uganda 4077:, and 3916:, and 3914:Monaco 3903:France 3734:Uganda 3678:Kuwait 3642:  3582:Kuwait 3355:Notes 3253:  3195:  3181:  3168:  3159:Panama 3156:  3144:  3132:  3117:  3105:  3093:  3069:  3055:  3041:  3027:  3013:  2999:  2976:  2944:  2934:Turkey 2931:  2862:  2829:Formal 2818:  2806:  2794:  2781:  2745:  2733:  2723:Russia 2720:  2693:only) 2684:  2674:Jordan 2671:  2639:  2629:Israel 2626:  2593:  2576:  2562:  2548:  2525:  2480:Bhutan 2477:  2464:  2404:  2390:  2376:  2352:  2338:  2324:  2310:  2296:  2282:  2259:  2226:Tuvalu 2223:  2211:  2199:  2184:  2170:  2156:  2142:  2128:  2114:  2100:  2077:  2045:  2035:Brunei 2032:  1978:  1966:  1954:  1945:Monaco 1942:  1933:Kosovo 1930:  1918:  1905:  1889:  1875:  1861:  1837:  1825:  1813:  1801:  1789:  1777:  1765:  1753:  1744:Latvia 1741:  1729:  1717:  1708:Greece 1705:  1693:  1684:France 1681:  1669:  1657:  1648:Cyprus 1645:  1633:  1621:  1609:  1548:  1534:  1520:  1506:  1492:  1478:  1464:  1449:  1403:  1389:  1374:  1358:French 1330:  1316:  1302:  1288:  1274:  1260:  1250:users: 1237:  1223:  1209:  1195:  1181:  1167:  1153:  1139:  1128:users: 1107:French 1085:Users 1082:Union 1045:silver 827:Formal 805:and a 787:states 767:  758:  749:  740:  731:  722:  713:  704:  695:  686:  573:Theory 390:Issues 77:Export 72:Import 65:Policy 5986:. In 5871:S2CID 5843:(PDF) 5688:(PDF) 5493:(PDF) 5360:(PDF) 5096:Egypt 4995:Annam 4867:Spain 4817:Baden 4765:Nauru 4743:Papua 4610:Qatar 4567:Qatar 4390:Spain 4345:Italy 4225:Kenya 4174:Kenya 4135:Kenya 4064:Italy 3767:India 3700:Qatar 3667:Kenya 3604:Qatar 3495:2028 3425:Asia 3400:2027 3120:Palau 2952:1983 2883:1920 2826:1974 2754:2008 2602:1967 2536:Realm 2497:1974 2492:Nepal 2467:India 2413:1939 2231:1966 2214:Nauru 2053:1967 1840:Spain 1780:Malta 1732:Italy 1557:1965 1412:1945 1339:1945 1319:Gabon 1212:Niger 1142:Benin 1088:Est. 965:data. 561:India 479:Lists 6012:OCLC 6002:ISBN 5940:2012 5863:ISSN 5825:2019 5791:and 5776:Euro 5696:ISBN 5660:ISSN 5615:and 5594:and 5556:2021 5530:2019 5504:2019 5475:2019 5449:2019 5424:2021 5397:2021 5371:2019 5269:and 5137:and 4973:Laos 4897:and 4869:and 4787:the 4775:the 4706:and 4671:and 4629:and 4601:and 4496:and 4470:the 4434:and 4347:and 4294:and 4239:and 4038:and 3995:and 3877:and 3849:and 3747:and 3721:the 3689:Oman 3633:Aden 3593:Oman 3545:and 3506:Sur 3464:Oman 3315:euro 3269:and 3240:and 3216:1904 3078:and 3016:Guam 2984:and 2839:SACU 2565:Niue 2534:and 2428:and 2362:and 2268:and 2085:and 1847:and 1581:Euro 1570:CSME 1568:for 1437:OECS 1291:Chad 1240:Togo 1198:Mali 1050:The 1043:and 1041:gold 1035:The 1009:and 989:and 851:and 690:Euro 445:War 5855:doi 5759:EU 4261:), 4016:, 3393:Eco 2902:(a 1991:EMU 1566:EMU 897:by 809:). 142:Tax 6262:: 6010:. 6000:. 5942:. 5922:^ 5905:. 5869:. 5861:. 5851:31 5849:. 5845:. 5816:. 5787:, 5724:. 5658:. 5654:. 5579:27 5577:. 5573:. 5521:. 5495:. 5465:. 5440:. 5414:. 5388:. 5362:. 5220:, 5209:, 5098:, 5048:, 4997:, 4986:, 4975:, 4964:, 4925:, 4830:, 4819:, 4808:, 4767:, 4756:, 4745:, 4734:, 4695:, 4660:, 4485:, 4474:, 4462:, 4380:, 4369:, 4336:, 4325:, 4283:, 4272:, 4227:, 4176:, 4137:, 4066:, 4027:, 3984:, 3973:, 3962:, 3905:, 3736:, 3725:, 3713:, 3702:, 3691:, 3680:, 3669:, 3658:, 3647:, 3635:, 3595:, 3584:, 3573:, 3512:? 3460:? 3431:a 3428:? 3309:, 3285:, 2910:. 2440:, 2436:, 2432:, 2424:, 2420:, 1439:. 1360:) 1109:) 1001:, 777:A 38:on 6073:e 6066:t 6059:v 6018:. 5916:. 5877:. 5857:: 5827:. 5803:. 5749:. 5728:. 5710:. 5672:. 5619:. 5558:. 5532:. 5506:. 5477:. 5451:. 5426:. 5399:. 5373:. 5152:. 3799:( 3085:: 2989:: 2689:( 2538:: 2366:: 2272:: 2090:: 1851:: 1600:: 920:) 914:( 909:) 905:( 891:. 823:. 668:e 661:t 654:v 20:)

Index

Common currency
a series
World trade

Policy
Import
Export
Balance of trade
Trade law
Trade pact
Trade bloc
Trade creation
Trade diversion
Export orientation
Import substitution
Trade finance
Trade facilitation
Trade route
Domestic trade
Tax
Restrictions
Trade barriers
Tariffs
Non-tariff barriers
Import quotas
Tariff-rate quotas
Import licenses
Customs duties
Export subsidies
Technical barriers

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