Which form of regional cooperation agreement, when fully implemented, entails creation of a unified central bank, the use of a single currency, and common policies on agriculture, social services, and welfare?
A)Free trade area
B)Customs union
C)Common market
D)Economic union
E)Dispute settlement body

Question

Quizplus · Accepted Answer

Economic union involves a higher level of integration than other forms of regional cooperation agreements. It includes the formation of a central bank, implementation of a single currency, and a common policy on agriculture, social services, and welfare. Members of an economic union share the benefits and risks of economic policy decisions, making it the most comprehensive form of regional integration.

Which Form of Regional Cooperation Agreement, When Fully Implemented, Entails