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Difference between Customs Union & Monetary Union

Level:: A Level

Board:: AQA, Edexcel, OCR, IB, Eduqas, WJEC

Last updated 21 Mar 2021

A customs union is a group of countries that abolish tariffs and import quotas between member nations and also adopt a common external tariff on imports from non-member countries. A monetary union is a group of countries that agree to share a common currency e.g. the Euro and operate with a common monetary and exchange rate policy.