different stages of economic integration

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5 Terms

1
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free trade area

no internal trade barriers

2
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customs union

no internal barriers, common external tariff

3
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single market

no internal trade barriers, common external tariff, factor and asset mobility

4
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monetary union

no internal trade barriers, common external tariff, factor and asset mobility, common currency

5
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economic union

no internal trade barriers, common external tariff, factor and asset mobility, common currency, common economic policy