Economic integration in the context of "Monetary union"

A trade bloc is a type of intergovernmental agreement, often part of a regional intergovernmental organization, where barriers to trade (tariffs and others) are reduced or eliminated among the participating states.

Trade blocs can be stand-alone agreements between several states (such as the USMCA) or part of a regional organization (such as the European Union). Depending on the level of economic integration, trade blocs can be classified as preferential trading areas, free-trade areas, customs unions, common markets, or economic and monetary unions.

An economic and monetary union (EMU) is a type of trade bloc that features a combination of a common market, customs union, and monetary union. Established via a trade pact, an EMU constitutes the sixth of seven stages in the process of economic integration. An EMU agreement usually combines a customs union with a common market. A typical EMU establishes free trade and a common external tariff throughout its jurisdiction. It is also designed to protect freedom in the movement of goods, services, and people. This arrangement is distinct from a monetary union (e.g., the Latin Monetary Union), which does not usually involve a common market. As with the economic and monetary union established among the 27 member states of the European Union (EU), an EMU may affect different parts of its jurisdiction in different ways. Some areas are subject to separate customs regulations from other areas subject to the EMU. These various arrangements may be established in a formal agreement, or they may exist on a de facto basis. For example, not all EU member states use the Euro established by its currency union, and not all EU member states are part of the Schengen Area. Some EU members participate in both unions, and some in neither.

Territories of the United States, Australian External Territories and New Zealand territories each share a currency and, for the most part, the market of their respective mainland states. However, they are generally not part of the same customs territories.

A free trade area is the region encompassing a trade bloc whose member countries have signed a free trade agreement (FTA). Such agreements involve cooperation between at least two countries to reduce trade barriers, import quotas and tariffs, and to increase trade of goods and services with each other. If natural persons are also free to move between the countries, in addition to a free trade agreement, it would also be considered an open border. It can be considered the second stage of economic integration.

Customs unions are a special type of free trade area. All such areas have internal arrangements which parties conclude in order to liberalize and facilitate trade among themselves. The crucial difference between customs unions and free trade areas is their approach to third parties. While a customs union requires all parties to establish and maintain identical external tariffs with regard to trade with non-parties, parties to a free trade area are not subject to this requirement. Instead, they may establish and maintain whatever tariff regime applying to imports from non-parties as deemed necessary. In a free trade area without harmonized external tariffs, to eliminate the risk of trade deflection, parties will adopt a system of preferential rules of origin.

A common external tariff (CET) must be introduced when a group of countries forms a customs union. The same customs duties, import quotas, preferences or other non-tariff barriers to trade apply to all goods entering the area, regardless of which country within the area they are entering. It is designed to end re-exportation; but it may also inhibit imports from countries outside the customs union and thereby diminish consumer choice and support protectionism of industries based within the customs union. The common external tariff is a mild form of economic union but may lead to further types of economic integration. In addition to having the same customs duties, the countries may have other common trade policies, such as having the same quotas, preferences or other non-tariff trade regulations apply to all goods entering the area, regardless of which country, within the area, they are entering.

The main goal of the Custom Unions is to limit external influence, liberalize intra-regional trade, promote economic development and diversification in industrialization in the Community.

The European Economic Community (EEC) was a regional organisation created by the Treaty of Rome of 1957, aiming to foster economic integration among its member states. It was subsequently renamed the European Community (EC) upon becoming integrated into the first pillar of the newly formed European Union (EU) in 1993. In the popular language, the singular European Community was sometimes inaccurately used in the wider sense of the plural European Communities, in spite of the latter designation covering all the three constituent entities of the first pillar. The EEC was also known as the European Common Market (ECM) in the English-speaking countries, and sometimes referred to as the European Community even before it was officially renamed as such in 1993. In 2009, the EC formally ceased to exist and its institutions were directly absorbed by the EU. This made the Union the formal successor institution of the Community.

The Community's initial aim was to bring about economic integration, including a common market and customs union, among its six founding members: Belgium, France, Italy, Luxembourg, the Netherlands and West Germany. It gained a common set of institutions along with the European Coal and Steel Community (ECSC) and the European Atomic Energy Community (EURATOM) as one of the European Communities under the 1965 Merger Treaty (Treaty of Brussels). In 1993, a complete single market was achieved, known as the internal market, which allowed for the free movement of goods, capital, services, and people within the EEC. In 1994 the internal market was formalised by the EEA agreement. This agreement also extended the internal market to include most of the member states of the European Free Trade Association, forming the European Economic Area, which encompasses 15 countries.

Social integration is the process during which newcomers or minorities are incorporated into the social structure of the host society.

Social integration, together with economic integration and identity integration, are three main dimensions of a newcomers' experiences in the society that is receiving them. A higher extent of social integration contributes to a closer social distance between groups and more consistent values and practices, bringing together various ethnic groups irrespective of language, caste, creed, etc. It gives newcomers access to all areas of community life and eliminates segregation.

European integration is the process of political, legal, social, regional and economic integration of states wholly or partially in Europe, or nearby. European integration has primarily but not exclusively come about through the European Union and its policies, and can include cultural assimilation and centralisation.

The history of European integration is marked by the Roman Empire's consolidation of European and Mediterranean territories, which set a precedent for the notion of a unified Europe. This idea was echoed through attempts at unity, such as the Holy Roman Empire, the Hanseatic League, and the Napoleonic Empire. The devastation of World War I reignited the concept of a unified Europe, leading to the establishment of international organizations aimed at political coordination across Europe. The interwar period saw politicians such as Richard von Coudenhove-Kalergi and Aristide Briand advocating for European unity, albeit with differing visions.

Regional organizations (ROs) are international organizations (IOs) whose membership is limited to states within a single geographic region. They have been established to foster cooperation and political and economic integration or dialogue among states within a region. They vary from loose cooperation arrangements to formal regional integration. Since their formal emergence after the end of World War II, they have become increasingly numerous and influential, often working closely with other multilateral organizations such as the United Nations.

Examples of ROs include, amongst others, the African Union (AU), Association of Southeast Asian Nations (ASEAN), Arab League (AL), Arab Maghreb Union (AMU), Caribbean Community (CARICOM), Council of Europe (CoE), Eurasian Economic Union (EAEU), European Political Community (EPC), European Union (EU), South Asian Association for Regional Cooperation (SAARC), Shanghai Cooperation Organisation, Asian-African Legal Consultative Organization (AALCO), Union for the Mediterranean (UfM), Union of South American Nations (USAN).