What is a major feature of a Monetary Union?

A significant aspect of a Monetary Union is the creation of a single currency. This feature facilitates easier trade and investment among member countries by eliminating currency exchange risks and simplifying transactions. When countries adopt a common currency, it enhances economic stability and can boost economic growth within the union. By using the same currency, member nations benefit from reduced transaction costs and improved price transparency, fostering a more integrated and efficient market.

The other options do not align with the core purpose of a Monetary Union. Establishing multiple currencies would complicate trade and economic interactions among member states. Implementing trade tariffs goes against the collaborative spirit that a Monetary Union embodies, as the aim is to promote free movement of goods, services, and capital. Promoting national currencies would counteract the foundational goal of unifying the monetary system, which is to strengthen economic ties and improve collective economic performance.