Eurasian Economic Union (EEU)

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.

BREAKING DOWN '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. Credit Union

    Member-owned financial co-operative. These institutions are created ...
  2. Maastricht Treaty

    A treaty that is responsible for the creation of the European ...
  3. Currency Union

    When two or more groups (usually countries) share a common currency ...
  4. National Association Of Federal ...

    An industry trade group founded in 1967 that represents federal ...
  5. Federal Credit Union - FCU

    A credit union chartered and supervised by the National Credit ...
  6. Organized Labor

    An association of workers united as a single, representative ...
Related Articles
  1. Retirement

    Tired Of Banks? Try A Credit Union

    These nonprofit organizations can provide a range of services for lower fees.
  2. Markets

    Unions: Do They Help Or Hurt Workers?

    Learn the pros and cons of these organizations and how they fit into today's economy.
  3. Markets

    The Top 5 Most Unionized Industries

    Unions don't have the membership numbers that they once did, but they are still a vital part of several different important industries.
  4. Personal Finance

    6 Benefits of Using a Credit Union

    Credit unions are community-focused and offer better interest rates than traditional banks.
  5. Personal Finance

    What Are Home-Based Credit Unions?

    They’re a far cry from a traditional bank, but that doesn’t mean you shouldn’t park your money there or get a loan – if one meets your needs.
  6. Personal Finance

    Are You the Victim of Unfair Labor Practices?

    If you are a union member, a union leader, or a manager at a company with an established union, you should understand unfair labor practices.
  7. Trading

    The Euro: What Every Forex Trader Needs To Know

    Find out the reports and events that determine the euro's worth, and how we can predict movements in its valuation.
  8. Markets

    How Lack Of Leadership Is Making Things Worse In Europe

    Lack of effective leadership is impeding the resolution of economic crisis in Europe.
  9. Markets

    Western Union Stock Trades Ex-Dividend Tuesday (WU)

    Western Union will send its dividend payment on June 30 to shareholders of record as of June 16.
  10. Trading

    A Primer On Currency Regimes

    Currency regimes are dynamic and complex, reflecting the ever-changing landscape of their respective nations' monetary and fiscal policies.
RELATED FAQS
  1. What is the difference between a state and a federally chartered credit union?

    Learn how federal chartered credit unions are regulated by the NCUA, while state chartered unions are regulated by their ... Read Answer >>
  2. Does the FDIC cover credit unions?

    Learn whether or not the FDIC insures your funds at a credit union, and what types of insurance are available at the different ... Read Answer >>
  3. Do businesses in states with right-to-work laws have demonstrably less deadweight ...

    Learn more about the economic impact of right-to-work laws and how unions impact production and purchase levels. Explore ... Read Answer >>
  4. Are eurodollars related to the currency called the euro?

    Eurodollars have little to do with the official currency of the European Union, the euro (EUR). In 1999, the euro was implemented ... Read Answer >>
  5. When and why did the euro make its debut as a currency?

    On January 1, 1999, the European Union introduced its new currency, the euro. Originally, the euro was an overarching currency ... Read Answer >>
  6. How did the Soviet economic system affect consumer goods?

    Discover how the now-defunct Soviet economic system affected domestic consumer goods markets. Communist ideology dictated ... Read Answer >>
Hot Definitions
  1. Dove

    An economic policy advisor who promotes monetary policies that involve the maintenance of low interest rates, believing that ...
  2. Cyclical Stock

    An equity security whose price is affected by ups and downs in the overall economy. Cyclical stocks typically relate to companies ...
  3. Front Running

    The unethical practice of a broker trading an equity based on information from the analyst department before his or her clients ...
  4. After-Hours Trading - AHT

    Trading after regular trading hours on the major exchanges. The increasing popularity of electronic communication networks ...
  5. Omnibus Account

    An account between two futures merchants (brokers). It involves the transaction of individual accounts which are combined ...
  6. Weighted Average Life - WAL

    The average number of years for which each dollar of unpaid principal on a loan or mortgage remains outstanding. Once calculated, ...
Trading Center