Topic Videos

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.

Difference between Customs Union & Monetary Union

© 2002-2024 Tutor2u Limited. Company Reg no: 04489574. VAT reg no 816865400.