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European Union (EU) |
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European Union (EU)An economic association of European countries founded by the Treaty of Rome in 1957 as a common market for six nations. It was known as the European Community until January 1, 1994 and currently comprises 15 European countries. Its goals are a single market for goods and services without any economic barriers, and a common currency with one monetary authority.European Union (EU) Similar MatchesEuropean Monetary SystemEuropean Monetary SystemThe monetary system of the EC which attempts to reduce the currency variations between members. The EMS became operational on March 13th, 1979, as the successor to the 'snake in a tunnel'. Its aim was to create a zone of monetary stability in Europe. Its general principles were outlined at the Bremen Summit in July 1978, and the system was presented in detail at the Brussels Summit in December. The EMS consists of three mechanisms: the ERM; accounting and transaction mechanisms related to the ECU; and credit mechanisms to enable central banksą intervention in the currency markets. All the European Community countries belong to the EMS, although not all of them participate in the ERM. Single European ActSingle European ActAct intended to eliminate barriers on trade and capital flows between and among European countries. European Payments UnionEuropean Payments UnionAn international arrangement for settling payments among member countries in Europe during a period in which many of the countries' currencies were not convertible. The EPU functioned from 1950 to 1958, after which it was replaced by the EMA. Central and Eastern European countriesCentral and Eastern European countriesRefers, informally, usually to the former Communist countries of Europe. European Central Bank (ECB)European Central Bank (ECB)Bank created to monitor the monetary policy of the 11 countries that have converted to the Euro from their local currencies. The 11 countries are: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. Further SuggestionsSingle European ActEuropean terms European option European exchange rate mechanism (ERM) European Free Trade Association European Economic Area European Recovery Program European Monetary System (EMS) European Monetary System European, Australia, and Far East index (EAFE index) European style option European Association of Securities Dealers Automated Quotation European Association of Securities Dealers Automated Quotation (EASDAQ) European Economic Community European Monetary Agreement European style exercise European Currency Unit European Options Exchange (EOE) New European Exchange (NEWEX) European Currency Unit (ECU) European Community European Exercise European Communities |
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