Customs & Monetary Union – The Combo! 🍹
Sometimes, countries skip steps or combine them.
Definition: A bloc that is BOTH a Customs Union (Common External Tariff) AND a Monetary Union (Common Currency).
Example: WAEMU (West African Economic and Monetary Union).
- 8 countries (Benin, Burkina Faso, Ivory Coast, etc.).
- Currency: CFA Franc.
- Tariff: Common External Tariff.
It is a very high level of integration, usually found in regions with a shared colonial history (French West Africa).
Quiz Time! 🎯
Test Your Knowledge
Question 1 of 5
1. A bloc with both CET and Common Currency is called:
💡 Final Wisdom: "Integration is a ladder. You can climb it step by step, or jump two steps at once if you are brave!" 🪜
Next up: Economic & Monetary Union (EMU) - The Ultimate Goal! 🏆