Definition: Complete Economic and Monetary Union

Complete Economic and Monetary Union - "regional integration that removes trade barriers among members, retains common trade barriers against nonmembers, allows free labor and capital movement among member states, unifies members’ monetary and fiscal policies, and unlike an economic union, attains political union. An example of this union is the states of the United States beginning in 1789." - source: Economic Development 4th Edition by E. Wayne Nafziger