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The European Free Trade Association (EFTA) is a regional trade organization and free trade area consisting of four European states: Iceland, Liechtenstein, Norway and Switzerland. [4] The organization operates in parallel with the European Union (EU), and all four member states participate in the European single market and are part of the ...
In Europe, the most commonly used currency is the euro (used by 26 countries); any country entering the European Union (EU) is expected to join the eurozone [1] when they meet the five convergence criteria. [2] Denmark is the only EU member state which has been granted an exemption from using the euro. [1]
The EU shares its single market with three EFTA members via the European Economic Area agreement, and the remaining EFTA member—Switzerland—via bilateral agreements. EU Customs Union The European Union Customs Union is a customs union which consists of all the member states of the European Union and Turkey, San Marino, Monaco, Andorra and ...
The European Economic Area (EEA) was established via the Agreement on the European Economic Area, [4] an international agreement which enables the extension of the European Union's single market to member states of the European Free Trade Association (EFTA). [5]
The European Free Trade Association (EFTA) was created to allow European countries to partake in a free trade area with less integration as within the European Communities (later European Union). Most of the countries initially in EFTA have since joined the EU itself, so only four remain outside, Norway , Iceland , Liechtenstein and Switzerland .
The European Monetary Agreement (EMA) was an economic arrangement signed by 17 European countries in Paris on the 5th of August 1955. [1] It replaced the European Payments Union which ended in 1958. [2] The EMA was administered by the Organisation for Economic Co-operation and Development . [3]
Switzerland is a member of the European Free Trade Association (EFTA), and took part in negotiating the European Economic Area (EEA) agreement with the European Union. It signed the agreement on 2 May 1992, and submitted an application for accession to the EU on 20 May 1992.
The euro is the result of the European Union's project for economic and monetary union that came fully into being on 1 January 2002 and it is now the currency used by the majority of the European Union's member states, with all but Denmark (which has an opt-out in the EU treaties) bound to adopt it.