union is the highest form of economic integration
Answers
Answer:
Political union.
Represents the potentially most advanced form of integration with a common government and were the sovereignty of a member country is significantly reduced. Only found within nation-states, such as federations where there are a central government and regions (provinces, states, etc.)
Answer:
Economic union (single market). All tariffs are removed for trade between member countries, creating a uniform (single) market. There are also free movements of labor, enabling workers in a member country is able to move and work in another member country. Monetary and fiscal policies between member countries are harmonized, which implies a level of political integration. A further step concerns a monetary union where a common currency is used, such as with the European Union (Euro).
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