Trade and monetary policy
A group of countries which form a customs union is faced with a wide choice of theoretical and practical policies which may be adopted in its trading relations with third-party countries. At the outset, it goes without saying that the Member States of the customs union will have liberalised trade between themselves, thus implying that trade is, thereafter, concerned with third parties. However, the internal economic policies adopted by a customs union will also profoundly influence its trading policies toward non-Member Countries. Nowhere is this more apparent than in the case of the European Economic Community.
KeywordsMember State Monetary Policy Trading Policy Monetary Union Structural Reform
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