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

money like the German mark and the French franc, though a few have retained their own currency. Another

key element of the union is to eliminate barriers to the mobility of goods, labor, and capital across Europe. In

2016, Britain voted to leave the European Union—a move that was completed in January 2020.

For the United States, perhaps the best-known regional trading agreement is the North American Free Trade
Agreement (NAFTA). 2 The United States also participates in some less-prominent regional trading
agreements, like the Caribbean Basin Initiative, which offers reduced tariffs for imports from these countries,

and a free trade agreement with Israel.

The world has seen a flood of regional trading agreements in recent years. About 100 such agreements are now

in place. Table 20.5 lists a few of the more prominent ones. Some are just agreements to continue talking.
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