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Why is the UK in the EU?


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Single market
The economies of different countries can be treated as one when a firm is considering its domestic market
Customs union
A group of countries, such as the EU, have free trade between members, but a common external barrier
Single currency
A group of countries agree to adopt the same currency and to have one monetary policy
The Euro
Single currency in the European Union
Transaction costs
The cost of changing currencies between countries. These disappear with the Euro
Price transparency
The ease of comparing prices between countries
European Central Bank
The bank that sets the interest rate in the Eurozone