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This document summarizes recent trends in monetary and exchange rate regimes around the world and discusses key issues related to the long-term sustainability of monetary unions based on the experience of the European Monetary Union (EMU). It finds that while fixed exchange rate regimes have declined globally, monetary unions and floating exchange rates have increased. Empirical evidence suggests the benefits of EMU for member countries outweigh the costs, though to varying degrees. Fiscal policy coordinati

Author

jrsurf00

Language

EN