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June 14, 2025 

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ECONOMIC AND MONETARY UNION: An aspect of the European Union designed to integrate economic and monetary policies and establish a single currency (the euro). The Economic and Monetary Union, abbreviated EMU, was created by the 1992 Maastricht Treaty and officially came into existence in 1999. The European Central Bank has control over monetary policy and the money supply for the Economic and Monetary Union.

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MONETARY AGGREGATE: Any of four basic measures of money, or liquid assets for the economy--M1, M2, M3, and L. The Federal Reserve System, as part of their regulatory duties, regularly publish these four monetary aggregates. The smallest, M1, is used as THE medium of exchange in the economy. However, M2 provides savings that are easily converted to M1 and is considered by many as the best measure of spendable assets.

     See also | money | M1 | M2 | M3 | Federal Reserve System | bank | fractional-reserve banking | money functions | near money |


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MONETARY AGGREGATE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: June 14, 2025].


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EQUALITY STANDARD

An income distribution standard in which income is divided equally among members of society. This is one of three basic income distribution standards that answers the For Whom? question of allocation. The other two are the contributive standard and the needs standard.

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