Strategic interactions and contagion effects under
monetary unions. The World Economy, 38(10), 1618-1629.
Several participants were skeptical about the gains from fiscal unions at this stage, as a complement to
monetary unions, given that many countries do not feel ready to give up political sovereignty, which comes with the implementation of a fiscal union.
Historical examples show that the aforementioned principles and rules are essential for the smooth functioning of a
monetary union. The success or failure of
monetary unions has invariably hinged on the political determination and the political ability to adjust to the collective requirements of a
monetary union.
Related to the literature on
monetary unions, questions such as fiscal discipline and policy coordination have been considered as highly relevant.
The report stands against the prevailing skepticism about the desirability of pursuing the objective of
monetary unions in Africa, and hence the need for fiscal convergence and multilateral surveillance among regional economic communities member countries.
Regional
monetary unions widened in scope throughout history, and ended up following a political and economic course during the 19th century, one fortifying the solidarity of different peoples of adjacent countries.
The UAE's decision to opt out of the planned GCC
monetary union is a fundamental setback to the planned Gulf single currency, and illustrates a deep concern at the heart of all
monetary unions - that of ceding sovereignty over economic and monetary policy.
The world is moving towards a Single Global Currency through the creation, expansion and merger of regional
monetary unions.
dollar to the completion of a
monetary union took place, examine the different theoretical approaches to the formation of
monetary unions such as the market, the institutional, and the shock-therapy approach.
Euro-MP Chris Huhne, chairman of The City in Europe and council member of Britain in Europe, said, "The IoD is oblivious to the fact that there have been many successful
monetary unions - including the Gold Standard, the British-Irish
Monetary Union and the Belgium-Luxembourg
monetary union - in which there was no political superstructure whatsoever.
Monetary unions have been a recurring element in European history, driven by the need to overcome obstacles to trade caused by the fragmentation of political authority.
existing
monetary unions, including the union of Belgium
