Currency Unions (AQA A Level Economics)
Revision Note
Written by: Lorraine
Reviewed by: Steve Vorster
The Implications of Joining a Currency Union
A currency union, also known as a monetary union, is established when the members of a customs union and common market establish a common central bank which issues a common currency and controls the monetary policy of member countries
Prior to Brexit, the UK was a member of the European Customs Union and common market but never joined the Eurozone
At the start of 2023, 20 of the 27 countries in the EU were members of the Eurozone
Evaluating Currency Unions
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