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Economic and monetary union: Map

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An economic and monetary union is a type of trade bloc which is composed of a single market with a common currency. It is to be distinguished from a mere currency union (e.g. the Latin Monetary Union in the 1800s), which does not involve a single market. This is the fifth stage of economic integration. EMU is established through a currency-related trade pact.

Existing EMU

Currency Union Users Est.
Central African CFA franc Economic and Monetary Community of Central Africa









1945
West African CFA franc West African Economic and Monetary Union













1945
CFP franc Issued by Overseas Issuing Institute (Francemarker)



1945
East Caribbean dollar Eastern Caribbean Currency Union of the OECS













1965
Euro Eurozone of the European Union





























1999/2002
Australian dollar

Ashmore and Cartier Islandsmarker
Australian Antarctic Territory


Coral Sea Islandsmarker
Heard Island and McDonald Islandsmarker






1966
New Zealand dollar

(New Zealandmarker)
(New Zealandmarker)
(UKmarker)
Ross Dependency (New Zealandmarker)
Tokelaumarker (New Zealandmarker)



1967
South African rand Multilateral Monetary Area





1974
United States dollar












Planned/proposed monetary unions

Community Currency Region Target date Notes
East African Community East African shilling Africa 2010 To be used by the future East African Federation
Gulf Cooperation Council Khaleeji Middle East 2013 Possibly gold backed, but postponed due to the financial crisis.
Caribbean Single Market and Economy (as part of the CARICOM) Latin America

/Caribbean
2015
Southern African Development Community

/Southern African Customs Union
South African Rand

(interim proposal)
Africa 2016
South Asian Association for Regional Cooperation Asia 2016
Union of South American Nations Latino Latin America

/Caribbean
2019
West African Monetary Zone Eco Africa 2020 Inside Economic Community of West African Statesmarker, planned to eventually merge with West African franc
Common Market for Eastern and Southern Africa Africa 2025.
African Economic Community Africa 2028
North American Free Trade Agreement Amero North America ? Not currently on agenda, see North American currency union
Pacific Islands Forum Australian dollar (one proposal) Pacific ?
African Union Unknown Africa 2028 See African Monetary Union


References

  1. Proposed by Ecuador's President Rafael Correa on December 15, 2007


External links

African monetary union inches closer United States of Southern Africa?
East Africa's first steps towards union West Africa opts for currency union
Gulf States push for single currency 'Limited gains' from Gulf single currency
Do the Mercosur Countries Form an Optimum Currency Area? Argentina plans monetary union
Quadrant Magazine article on the Pacific Economist- Antipodean currencies (Australia and New Zealand)
Three Perspectives on an Australasian Monetary Union Reasons for the collapse of the Rouble Zone
In Search of the "Ruble Zone" OECD Development Centre- the Rand Zone
A single African currency in our time? South Africa proposes adoption of the rand as provisional SADC common currency



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