What's it: The Eurozone is an area of the European Union (EU) that adopts the Euro as its official currency. Of the 28 EU members, nineteen of them adopted the Euro as their currency, namely France, Germany, Austria, Belgium, Cyprus, Estonia,
Trade Blocs
Common Market: Freedom & Growth (Trade, Labor, Investment) + Examples, Pros, Cons
What's it? A common market is economic integration in which each member country applies uniform external tariffs and eliminates trade barriers for goods, services, and factors of production between them. It is a more advanced economic integration
Trade Bloc: Boosting Economies or Building Walls? Types, Pros, Cons
What's it? A trade bloc is a group of countries joined together through a trade agreement to achieve economic integration. This means they work together to reduce barriers between their economies, fostering a more interconnected system. This can
Free Trade Area: Expanding Markets, Raising Concerns + Examples, Pros, Cons
A free trade area (FTA) is a pact between several countries in a specific region aimed at boosting trade and economic ties. Within an FTA, member countries agree to eliminate barriers to trade in goods amongst themselves. This can involve removing
Economic Union: Deep Cooperation, Shared Prosperity (Trade, Money, Policy) – Features, Goals, Examples, Pros, Cons
What's it: An economic union is a form of regional economic integration in which goods, services, and factors flow freely between member countries. Plus, members also integrate economic policy. It is a more advanced form of the common
Customs Union: Trade Boost & Cooperation (Free Trade, Tariffs, Pros, Cons)
What's a customs union? Imagine a group of neighboring countries taking economic integration to the next level. This involves ditching trade barriers amongst themselves, allowing goods and services to flow freely without the burden of customs duties