participants have a common external trade policy as well as free trade within the group, to full economic

unions, in which, in addition to a common market, monetary and fiscal policies are coordinated. Many nations

belong both to the World Trade Organization and to regional trading agreements.

The best known of these regional trading agreements is the European Union. In the years after World War II,

leaders of several European nations reasoned that if they could tie their economies together more closely, they

might be more likely to avoid another devastating war. Their efforts began with a free trade association,

evolved into a common market, and then transformed into what is now a full economic union, known as the

European Union. The EU, as it is often called, has a number of goals. For example, in the early 2000s it

introduced a common currency for Europe, the euro, and phased out most of the former national forms of
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