In which system will economic policies be harmonized among members and countries seek to follow the same economic policy?

Question

Quizplus · Accepted Answer

Economic union is a type of regional integration where countries form a union with the aim of harmonizing economic policies among members. In an economic union, countries seek to follow the same economic policy to create a common market, free movement of goods, services, and factors of production. It goes one step further than a customs union, which only eliminates tariffs among members. Examples of economic unions include the European Union and the East African Community.

In Which System Will Economic Policies Be Harmonized Among Members