Abstract
Before undertaking this re-examination, two major considerations should be borne in mind. First, an optimum currency area is a different animal from an economic and monetary union. An optimum currency area comprises a group of countries whose currencies are linked together through fixed exchange rates. Optimum currency areas have consisted of countries at quite different stages of economic development. An economic and monetary union implies not only fixed exchange rates, but also common economic, fiscal and monetary policies as well as a common currency. It is because of these facts that it is so difficult to achieve an economic and monetary union on a strict voluntary basis.KeywordsExchange RateTrading PartnerMonetary UnionLabour MobilityCurrency AreaThese keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
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