Eurasian Economic Union (EEU)

AAA

DEFINITION of 'Eurasian Economic Union (EEU)'

An economic union created in 2014 by a treaty signed by Russia, Kazakhstan and Belarus. The union is set to go into effect in 2015. The Eurasian Economic Union treaty allows citizens of EEU member countries the right to work in any other member country without having to obtain special work permits and is expected to reduce trade barriers among members.

INVESTOPEDIA EXPLAINS 'Eurasian Economic Union (EEU)'

The three founding members of the Eurasian Economic Union had been part of a customs union since 2010. Unlike the treaty forming the Eurozone, the treaty forming the EEU did not create a single currency for use by its members.

The EEU was created in part to counter the economic and political influence of the European Union and other Western countries. The idea of the economic union was announced by Vladimir Putin in 2011. Observers have noted that the countries expressing interest in joining the EEU were once part of the Soviet Union, and that the economic union may lead to a political union. 

RELATED TERMS
  1. Commercial Real Estate Loan

    definition of a commercial real estate loan
  2. Lion economies

    A nickname given to Africa's growing economies.
  3. TIMP (acronym)

    'TIMP' is an acronym that stands for 'Turkey, Indonesia, ...
  4. Hollowing Out

    The deterioration of a country’s manufacturing sector when producers ...
  5. Sterilization

    A form of monetary action in which a central bank seeks to limit ...
  6. Marginal Propensity To Import - ...

    The amount imports increase or decrease with each unit rise or ...
Related Articles
  1. Can Investors Trust Official Statistics?
    Economics

    Can Investors Trust Official Statistics?

  2. The Government And Risk: A Love-Hate ...
    Insurance

    The Government And Risk: A Love-Hate ...

  3. What You Need To Know About COBRA Health ...
    Insurance

    What You Need To Know About COBRA Health ...

  4. Changes In Tax Legislation And Regulation
    Taxes

    Changes In Tax Legislation And Regulation

comments powered by Disqus
Hot Definitions
  1. Elasticity

    A measure of a variable's sensitivity to a change in another variable. In economics, elasticity refers the degree to which ...
  2. Tangible Common Equity - TCE

    A measure of a company's capital, which is used to evaluate a financial institution's ability to deal with potential losses. ...
  3. Yield To Maturity (YTM)

    The rate of return anticipated on a bond if held until the maturity date. YTM is considered a long-term bond yield expressed ...
  4. Net Present Value Of Growth Opportunities - NPVGO

    A calculation of the net present value of all future cash flows involved with an additional acquisition, or potential acquisition. ...
  5. Gresham's Law

    A monetary principle stating that "bad money drives out good." In currency valuation, Gresham's Law states that if a new ...
  6. Limit-On-Open Order - LOO

    A type of limit order to buy or sell shares at the market open if the market price meets the limit condition. This type of ...
Trading Center