an agreement between two or more countries to abolish tariffs on trade between them (4, 5, 4)
an agreement between two or more countries to abolish tariffs on trade between them and to place a common external tariff on trade with non-members (7, 5)
conditions that need to be met to avoid the costs of monetary union; high degree of labour market flexibility, mechanisms for fiscal transfers and absence of external shocks that impact differently on different economies (asymmetric shocks) (7, 8, 4)
occur where taxation raised in one country is used to fund government expenditures in another country (6, 9)
refers to the process of blurring the boundaries that separate economic activity in one nation state from that in another (8, 12)
term to describe the combines economies of the countries using the euro (4, 3, 8)
the ability to compare prices of goods and services in different countries (5, 12)
the deepest form of integration in which countries share the same currency and have a common monetary policy as a result (8, 5)
where economic integration results in high-cost domestic production being replaced by imports form a more efficient source within the economically integrated area (5, 8)
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