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.
You might also like

Currency options for an independent Scotland
4th August 2022
Protectionism - Barriers to Trade (Quizlet Revision Activity)
Quizzes & Activities
UK Trade Outside the EU (Revision Essay Plan)
Practice Exam Questions
Exchange Rates (Revision Quizlet Activity)
Quizzes & Activities
Brexit Update: How has Brexit changed trading between the EU and the UK?
30th December 2021
Currency Economics: The Collapsing Turkish Lira
Topic Videos
Turning Into 2022 - Some Important Economics News Issues
29th December 2021

Steel industry - Port Talbot steelworks owner reports £347m loss
2nd September 2021