The term Union can refer to various issues and that is why depending on the context we find several meanings of the same word.
In general terms union implies the action or result of uniting something to something or the action that an individual undertakes when uniting with another individual.
Also, when you want to account for that point through which several things or issues converge, we use the word union. For example, the new bridge in the region will serve to unite several towns and with this the country will gain in communication and development of the regions involved. That is, in this case, the meaning of the term union will always imply something positive and never negative.
On the other hand, when you want to refer the agreement reached by two or more people about an issue of conflict or problemit is usually spoken of as the union of thoughts that occurred in a meeting.
Also, in some parts of the world it is common for When a couple enters into a civil bond, they are united for life, what we more traditionally call marriage, is spoken of and also called with the word union.. The union in marriage of my cousin and José is already a fact. We are happy.
At the behest of mathematicsthe word union has a very important meaning in regards to one of the various subjects of study that the discipline has, which are sets.
This mathematical operation is completely called union of sets and will result from grouping all those elements that make up the initial sets.
Union in pursuit of a common goal: the European Union
Meanwhile, in another completely different context, when several people, companies, entities, among others, associate to achieve some common goal, it is usually called Union. One of the expressions of this would be, for example, the European Union (EU), that is, all the states that correspond to the European Continent come together and their main function is to contribute and achieve well-being in all aspects of the people that make up and dwells in that vast region.
The EU is made up of 28 countries and since November 1, 1993, it was officially established through the Treaty on European Union.
Monetary Union and Customs Union
In economics we can also find this term forming the concept of monetary union. The monetary union is a situation in which two or more nations agree to share the use of the same currency, that is, they decide to use the same legal tender currency.
It is worth noting that there are three types of monetary unions: informal (consists in the unilateral adoption of a foreign currency), formal (a foreign currency is adopted after a bilateral or multilateral agreement with the entity that issues it; in some situations this scenario is accompanied by the issuance of their own currency and under a fixed exchange system) and formal with a common policy (they are a varied group of countries who decide by common agreement to establish a monetary policy and a common issuing authority that will legislate on the currency they share).
Among the examples we can cite the euro in the so-called eurozone. The member states of the European Union have adopted to the euro as common and official currency and in this way they gave way to the formation of what we were talking about, a monetary union. It was created in 1999, while the Eurosystem is the monetary authority in the eurozone. It is made up of the European Central Bank, the central banks of the countries that make up the eurozone. Meanwhile, economic and political authority rests with the Eurogroup and the European Commission, respectively.
For his part, customs union designates that area in which free trade prevails and a common foreign tariff or tariff has been established, that is, that the member states have a common trade policy with respect to the non-member states. The main mission of this entity is that the member states of a union such as the European one increase their economic efficiency and strengthen their union. Because if this common tariff did not exist, each country would have a different foreign trade policy from another and it would also be possible for a product from a non-member state to enter the union at a low rate and later be transferred to another country at a higher rate. superior.
The customs union with the establishment of this common tariff eliminates any manipulation in the value of a product imported from a non-member country and it will have the same tariff regardless of the member country through which it has entered.
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