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Membership in the EMU requires that countries follow a strictly defined set of criteria the member states are required to have specific rate of infaltion, government deficit , government debt , long-term interest rates and exchange rate.

Routledge International Studies in Money and Banking

Many other unions have adopted the view that convergence is necessary, so they now follow similar rules to aim the same direction. Divergence is the exact opposite of convergence. Countries with different goals are very difficult to integrate in a single currency union. Their economic behaviour is completely different, which may lead to disagreements. Divergence is therefore not optimal for forming a currency union. The first currency unions were established in the 19th century. The German Zollverein came into existence in , and by , it included most of the German states.

The fragmented states of the German Confederation agreed on common policies in order to increase trade and political unity. The Latin Monetary Union , comprising France, Belgium, Italy, Switzerland and Greece, existed between and , with coinage made of gold and silver. Coins of each country were legal tender and freely interchangeable across the area. Because of the success of the union other states joined later informally.

The Scandinavian Monetary Union , comprising Sweden, Denmark and Norway, existed between and , and used a currency based on gold. The system was dissolved by Sweden in Pitcairn Islands. Palestine West Bank only. Turkish Republic of Northern Cyprus. Note: Every customs and monetary union and economic and monetary union also has a currency union. Zimbabwe is theoretically in a currency union with four blocs as the South African rand, Botswana pula , British pound and US dollar freely circulate, the US Dollar was until official tender.

Additionally the autonomous and dependent territories, such as some of the EU member state special territories , are sometimes treated as separate customs territory from their mainland state or have varying arrangements of formal or de facto customs union , common market and currency union or combinations thereof with the mainland and in regards to third countries through the trade pacts signed by the mainland state. EMU was formed during the second half of the 20th century after historic agreements, such as Treaty of Paris , Maastricht Treaty In , Euro , a single European currency, was adopted by 12 member states.


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Currently, the so called Eurozone has 19 member states. The other members of the European Union must adopt the Euro as their currency with exceptions, such as the UK and Denmark , but there has not been a specific date set. Together with 15 national banks it forms the European System of Central Banks.

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The Governing Board consists of the Executive Comitee of the ECB and the governors of individual national banks, and determines the monetary policy, as well as short-term monetary objectives, key interest rates and the extent of monetary reserves. From Wikipedia, the free encyclopedia.

Emeritus Professor of Monetary Economics

Part of a series on World trade. Economic integration. Preferential trading area Free trade area Customs union Single market Economic union Monetary union Fiscal union Customs and monetary union Economic and monetary union. Imports Exports Tariffs Largest consumer markets Leading trade partners. By country. Comparative advantage Competitive advantage Heckscher—Ohlin model New trade theory Economic geography Intra-industry trade Gravity model of trade Ricardian trade theories Balassa—Samuelson effect Linder hypothesis Leontief paradox Lerner symmetry theorem Terms of trade.

This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. See also: List of proposed currencies. Please update this article to reflect recent events or newly available information. April See also: Bretton Woods Conference. Money portal.

In Conference 2001

Retrieved 30 April Bank for International Settlements. The Guardian. They are the last two nations whose dollars have remained at par and mutually interchangeable since the days when the Spanish Dollar was the united currency of large areas of the New World and South East Asia. The Washington Post, Times Herald Retrieved In David Cobham ed.


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London: Routledge. Structure of the book As the authors had made already these points forcefully at the conference held in Ottawa in October, , many of the contributions in this book address these points, in a rather critical perspective. Most authors would be deemed heterodox, with the possible exception of one, James Dean, who nonetheless is critical of dollarization for a country like Canada, but certainly does not reject it for other countries, like Ecuador.

Yet the overwhelming position on this point is against dollarization, and perhaps even against monetary unions. Each author in this book has made an important contribution to the ongoing debate on dollarization and monetary unions.

The overwhelming conclusion is that dollarization and monetary unions should not be pursued as a serious policy issue, as they impose too many constraints, as seen in the previous section. The book is divided into two overall parts. The first part, containing six chapters, deals more specifically with the European experience, while the second part, containing the remaining four chapters, is more specific to the debate on dollarization.

The various explanations offered in the literature are assessed. The authors carefully review the decline in the value of the euro and examine two obvious explanations.

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They then proceed to construct a more satisfactory explanation. They suggest that US strength is an important but partial factor in euro decline.


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Introduction 7 The following chapter, by Marcello de Cecco, also looks at the initial weakness of the euro. The author begins his analysis by identifying the conditions under which a currency becomes an international currency. The author looks at issues of trade and spot market transactions, and to other more complex financial arrangements, such as forward contracts used for arbitrage and hedging. The author then proceeds to explain why the mark and the yen never made the transition to international currencies, and carries his analysis to the newly created euro.

Chapter 4, by Alain Parguez, Mario Seccareccia, and Claude Gnos, takes a careful look at the European monetary union and draws specific lessons for the proposed North American union. They then look at three required policy rules for implementation: the role of the central bank, the need for restrictive fiscal policy and, finally, the need that employment and welfare programs no longer ought to constrain the economic policy behavior of the member states.

Combined, these rules should ensure that narrow national interests do not dismantle the new supranational monetary order. From there, the authors look at the North American situation. Chapter 5 also looks carefully at the European case. Although the focus is on European monetary union, implications of such a currency union between Canada and the United States, for example, can also be drawn.

The author argues that optimal policy requires a slightly higher rate of equilibrium inflation to avoid higher unemployment.

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Formation of a non-optimal currency area shifts the Phillips curve right and worsens the inflation—unemployment tradeoff. This has important implications for the ECB, since it is widely agreed that the euro area is not an optimal currency area. The euro area therefore stands to have higher unemployment. Finally, the analysis in the paper has important implications for plans to enlarge the euro area.

Preventing unemployment from rising will require an even higher inflation target. They also show the general limits to such a policy initiative. Finally, there is a major caveat in the case of jurisdictions in existing currency unions such as the eurozone of the EU, or provincial jurisdictions in federations. In Chapter 8, Brenda Spotton Visano argues that the economic debate around the question of greater monetary integration hinges critically on the importance or not of retaining Canadian autonomy over monetary policy, and that it is a question regarding the ability of the Canadian central bank to influence independently and effectively the Canadian economy.

By whichever means the central bank may influence the macroeconomy, consensus opinion holds that this influence, in Canada as elsewhere, derives fundamentally from a central bank monopoly over the ultimate and final means of payment. The author does not offer any objectively verifiable or quantifiable answers.