ABSTRACT
In recent years, a large number of countries have demonstrated strong interest in common currency arrangements.12 The arrangements that have been contemplated ranged from the establishment of a completely new currency union by two or more independent countries to the incorporation of one or several individual countries into the existing union. In a number of cases, for example in the countries now forming the Economic and Monetary Union (EMU) and some Central American countries accepting the US dollar, monetary union was implemented.
