Abstract
gional currency consolidation inevitable. Faced with this prospect, advocacy of rapid dollarization, in some cases of this entire hemisphere, has spread beyond the United States. Business and government groups in countries from Argentina to El Salvador and Mexico have openly expressed interest in formal dollarization. While complete dollarization may indeed be a useful step for the period immediately ahead, I will argue that it is distinctly second-best in the short run and unsustainable in the long run even in this hemisphere. Specifically, uncooperative unilateral monetary unions, such as those brought about by formal dollarization, are inferior to the multilateral sharing model of monetary union pioneered in Europe.
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