A(n) _____ requires a common currency, harmonization of the member countries' tax rates, and a common monetary and fiscal policy.

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There are five levels of economic integration. From least integrated to most integrated, they are a free trade area, a customs union, a common market, an economic union, and, finally, a full political union. An economic union eliminates trade barriers between member nations, adopts a common external policy, and permits factors of production to move freely between member countries. In addition, a full political union requires a common currency, harmonization of the member countries' tax rates, and a common monetary and fiscal policy.

A(n) _____ Requires a Common Currency, Harmonization of the Member