What is the Meaning & Definition of Union
In terms general union implies the action or the result of joining something something or action undertaken by an individual joining another individual.
Also, when you want to realize that point through which converge several things or questions, we use the word union. For example, the new bridge in the region will serve to unite several villages and thus the country will gain in communication and development of the involved regions. I.e. in this case, the meaning of the term union always mean something positive and never negative.
On the other hand when you want to refer the agreement which have reached two or more people on a question of conflict or problem, usually talk about it as the union of thoughts that there was in a meeting.
Also, in some parts of the world it is common that when a couple gets civil liaison, binds for life, what we call more traditionally as marriage, talk and call that in addition to the word union. The union in marriage of my cousin and Joseph is already a fact. We are happy.
At the behest of mathematics, the word union has a very important meaning in regard to one of the several topics of study that has discipline, which sets are.
This mathematical operation is completely called union of sets and will bring together all the elements that make up the initial sets.
Union in pursuit of a common objective: the European Union
Meanwhile, in another quite different context, when several individuals, companies, entities, among others, are associated to the achievement of a purpose in common, to it it is often called Union. One of the expressions of this would be for example the European Union (EU), i.e. all States which correspond to the European continent and its main function is the contribute and achieve well-being in all aspects of the people that made up and live in this vast region.
The EU is composed of 28 countries and from 1 November of the year 1993 was officially established through the Treaty of the European Union.
Customs Union and Monetary Union
In economics also we can find this term forming the concept of monetary union. Monetary union is a situation in which two or more Nations agree to share the use of the same coin, i.e., decide to use the same currency as legal tender.
Vale noted that there are three types of monetary unions: informal (is the adoption of a foreign currency unilaterally), formal (adopted a foreign currency after a bilateral or multilateral agreement with the entity that issued it; in some situations this scenario is accompanied by the emission of own currency and under a fixed exchange system) and formal with common policy (are a diverse group of countries who decide by mutual agreement establish a monetary policy and a common authority that legislará in terms of the currency that share).
Examples include the euro in the so-called eurozone. The Member States of the European Union have adopted the euro as the common and official currency and thus gave way to the formation of what we talked about, a monetary union. It was created in 1999, insofar as possible, the Eurosystem is the Monetary Authority in the euro zone. It is composed of the European Central Bank, the central banks of the countries that make up the eurozone. Meanwhile, the economic and political authority rests in the Eurogroup and the European Commission, respectively.
Furthermore, the customs union appoints that area in which prevails the free trade and has established a fee or common external tariff, i.e. that Member States have in common a trade policy with respect to States that are not members. The main mission of this institution is that the Member States of a union such as the European increase their economic efficiency and strengthen their marriage. Because if this common tariff did not exist, each country would have a different to other external trade policy and would also be possible that a product of a non-Member State enters the Union with a low rate and was later transferred to another country with a higher rate.
The customs union with the establishment of the common tariff eliminates any manipulation in the value of a product imported from a non-member country and it will have the same fee regardless of the Member State for which it has been entered.
Article contributed by the team of collaborators.