What is the difference between an economic union and a political union? Which one characterizes the EU? Why?
What will be an ideal response?
An economic union has all the characteristics of a common market but also includes the complete coordination of their economic policies in order to blend their economies into a single entity. A political union is the complete political as well as economic integration of two or more countries. The members of the European Union who have adopted the euro as their domestic currency are in the process of creating an economic union among themselves.
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