Economic integration
Economic integration is term used to describe how different aspects between economies are integrated. As economic integration increases, the barriers of trade between markets diminishes. The most integrated economy today, between independent nations, is the European Union and its euro zone.
The degree of economic intergration can be categorized into six stages:
- Preferential trading area
- Free trade area
- Customs union
- Common market
- Economic and monetary union
- Complete economic intergration