Economics, 3rd Edition

European Central Bank (ECB) 

the overall central bank of 

the 18 countries comprising the European Monetary Union

European Economic and Monetary Union 

the 

European currency union that has adopted the euro as its 

common currency

European Union 

a family of democratic European countries 

committed to working together for peace and prosperity

Eurosystem 

the system made up of the ECB plus the national 

central banks of each of the 18 countries comprising the 

European Monetary Union

excludabile 

the property of a good whereby a person can be 

prevented from using it when they do not pay for it