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Topic: Currency union

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	American currency union - Wikipedia, the free encyclopedia
		Currency union in the Americas is an idea based on the common European Union currency, the euro.
		As well as calls for a currency for the Americas as a whole, in Canada discussions of a more limited crossborder currency union are common.
		Some pundits thus argue that currency union is all but inevitable, whether it is desired or not.
	en.wikipedia.org /wiki/American_currency_union (356 words)

	The pros and cons of currency union: a Reserve Bank perspective (Site not responding. Last check: 2007-10-08)
		Currency unions are generally formed as part of a larger strategic push to integrate the countries entering the currency union, often in combination with free trade agreements, harmonisation of legal standards, and liberalised migration laws.
		In forming a currency union, we would in effect be betting that, no matter with whom we formed that currency union, their policy performance would be better than our own could have been for the indefinite future.
		Were we to join Australia in a currency union, our interest rates and the exchange rate we faced would be influenced by the common central bank (in the case of a genuine currency union), or by the Reserve Bank of Australia (in the case of Australian dollarisation).
	www.rbnz.govt.nz /speeches/0091114.html (4167 words)

	Monetary union - Wikipedia, the free encyclopedia
		A monetary union differs from an Economic and Monetary Union, where it is not just currency but also economic policy that is pooled or co-ordinated (as in the European Union Eurozone, for instance).
		The CFA franc BEAC is used by Cameroon, the Central African Republic, Chad, the Republic of the Congo, Equatorial Guinea and Gabon and is issued by the Communauté Économique et Monétaire de l'Afrique Centrale (CEMAC), i.e.
		The CFA franc BCEAO is used by Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo and is issued by the Union Économique et Monétaire Ouest Africaine (UEMOA), i.e.
	en.wikipedia.org /wiki/Currency_union (520 words)

	[No title] (Site not responding. Last check: 2007-10-08)
		The thinking is that a currency union is now in place, there will be problems from not being an optimum currency area, but Europe will just have to live with this fact and move on.
		Currency unions involve countries giving up havi ng their own interest and exchange rates, so that they cannot use these variables to offset demand shocks.
		If a currency union is to work, demand shocks in the member countries should therefore be of similar timing, magnitude, and direction so that there is no need for country specific adjustment of interest and exchange rates.
	archives.econ.utah.edu /archives/pkt/2003m05/doc00005.doc (3498 words)

	Benjamin J. Cohen
		Since monetary union is by definition an economic matter, it seems only natural to focus attention mainly on economic considerations-the material costs and benefits associated with a merger of separate national monies into one.
		First, because it is issued by the government or its central bank, a currency acts as a daily reminder to citizens of their connection to the state and oneness with it.
		In contrast to currency unification, however, which implies some degree of parity and sharing among the partners, dollarization is a hierarchical relationship that offers little in the way of direct compensation and no necessary role at all in decisionmaking.
	www.polsci.ucsb.edu /faculty/cohen/inpress/monetaryunion.html (7407 words)

	History of Previous European Currency Unions
		Prussia was by far the dominant member of the union, as it comprised 70% of the population and land mass of the future Germany.
		A neglected monetary union is the one between Belgium and Luxembourg.
		It is common to confuse the logistics of a monetary union with its underpinnings.
	samvak.tripod.com /nm032.html (3650 words)

	HIMAL SOUTH ASIAN \| January 2004 Editorial \| Such charming simplicity !
		The only successful attempt at creating a currency union is the Economic and Monetary Union of the European Union, which gave rise to the Euro, whose long and carefully worked out history stands in sharp contrast to the bungled attempts to introduce regional economic co-operation in Southasia.
		Currency union is a technically complicated matter that traditionally involves the concept of optimum currency areas.
		Important criteria in identifying an optimum currency area include the level of flexibility in real wages, the possibility of high labour mobility, and the low incidence of asymmetric shocks, ie, all countries in the proposed union must be similarly affected by external developments, as this indicates higher prospects for integration.
	www.himalmag.com /2004/january/editorial.htm (2348 words)

	Australia & New Zealand - Risk Special Report (Site not responding. Last check: 2007-10-08)
		A union would also offer investors a yield curve convergence play if New Zealand and Australia merge their currencies, although, as Paul Lambert, currency and macro strategist at Deutsche Asset Management in London, points out, it would not be a play of the same magnitude offered by European currency union.
		The effects of currency union for portfolio managers and individual investors in New Zealand will be stronger than for international asset managers, as New Zealanders currently hold three-quarters of their financial assets in local currency, says Peter Jolly, formerly a senior economist at Bank of New Zealand.
		A currency union between New Zealand and Australia could be a useful step towards participation in a broader currency area, based around the US dollar.
	www.financewise.com /public/edit/riskm/australianewzealand/currency.htm (1940 words)

	Insead Alumni Association Monaco Euro currency monetary union ricketts (Site not responding. Last check: 2007-10-08)
		The Union was officially established in 1865 (indeed, since many other countries had gold coins of similar value, there was almost a de facto currency union, based on gold, which included Germany and the United Kingdom).
		Two factors are responsible for the Union's durability prior to political unification : Prussia had the size, power and will to enforce compliance with the agreement on the smaller states, and the enactment of consistent metallic standards depoliticized the currency by removing the princes' ability to debase their coinage.
		These three currency unions have all survived due mainly to the fact that one monetary authority has been responsible, at least de facto, for managing the currency.
	euro.pearl-online.com /English/union.html (1907 words)

	The Eurodollar
		After the currency union begins, the country's monetary policy is determined by the supranational central bank and not by the domestic central bank.
		Some would argue that the main difference between a currency union for the United States and a currency union for the United States and Europe would be the inability to use fiscal transfers to offset asynchronous regional economic cycles between the United States and Europe.
		Were the introduction of a single currency for Europe and the United States a purely economic concern, a Eurodollar and a supranational Global Reserve Bank probably would have been introduced long ago, because the economic benefits of a single currency exceed the costs.
	www.globalfindata.com /articles/euro.htm (5078 words)

	MENAFN - Middle East North Africa . Financial Network News: A meeting of the technical committee for the GCC Currency ... (Site not responding. Last check: 2007-10-08)
		Financial Network News: A meeting of the technical committee for the GCC Currency Union is being held in Bahrain today and tomorrow (9th & 10th March 2005).
		A meeting of the technical committee for the GCC Currency Union is being held in Bahrain today and tomorrow (9th & 10th March 2005).
		The remaining milestones towards achieving GCC Monetary Union include agreement on convergence criteria by the 1st quarter of 2005; agreement on the institutional structure for the union in 2007; agreement on the name and denomination of the new currency in 2008; and implementation of the union in 2010.
	www.menafn.com /qn_news_story_s.asp?StoryId=83551 (286 words)

	GN Online: GCC states pursue plans for landmark currency union
		GCC states are pushing ahead with plans to create an historic EU-style single currency at the end of this decade and give birth to one of the biggest economic alliances in Asia following the enforcement of the historic customs union early this year.
		The six countries have already met a key condition for the monetary union when Kuwait agreed at the end of 2002 to join its fellow members in the 22-year-old Gulf group and peg its currency to the US dollar after it was linked to a basket of currencies.
		In the EU monetary union, the public debt in any member state must not exceed 60 per cent of the gross domestic product while the budget deficit should be kept under control to avoid monetary intervention and subsequently, pressure on the currency.
	www.gulf-news.com /Articles/print.asp?ArticleID=77424 (711 words)

	CNN - European Union recommends countries for new single currency - March 25, 1998
		Experts believe international currency exchange costs will be eliminated, administration will be simplified, companies should improve cash management, and consumers will really be able to spot a bargain when they see one.
		That summit also will set the rates at which EU currencies will be exchanged during the transition leading to the introduction of euro banknotes and coins Jan. 1, 2002.
		Entry into the single currency was supposed to be determined by strict economic criteria.
	www.cnn.com /WORLD/9803/25/euro.currency (943 words)

	IMF: Belarus Would Gain From Currency Union (Site not responding. Last check: 2007-10-08)
		A currency union would likely help reduce the inflation rate and exchange rate risk, the economists said.
		They said a monetary union could also work only if there was a centralized monetary policy and a strong central bank to manage it.
		The move could advance Belarus' structural reforms, which, unless undertaken swiftly and in advance of the monetary unification, "would be akin to 'shock therapy' with immediate full curtailment of fiscal subsidies and quasi-fiscal support for enterprises and banks in Belarus," the economists said.
	dev.themoscowtimes.com /stories/2004/12/24/043.html (348 words)

	CNN Specials - The Single Currency
		A crucial juncture in that road was reached on June 1, 1998, when the EU established the European Central Bank to oversee the introduction of the single currency and set monetary policy across the eurozone.
		Six in 10 EU citizens support the single currency, according to an April 2000 survey by Eurobarometer, a public opinion service that reports regularly to the European Commission.
		The European Union, an economic and political alliance of 15 European states, is changing faster than at any other time in its 50-year history.
	www.cnn.com /SPECIALS/2000/eurounion/story/currency (1092 words)

	European Currency Unit (ECU)
		The european currency unit, ECU for short, was an artificial "basket" currency that was used by the member states of the European Union (EU) as their internal accounting unit.
		The ECU was also the precursor of the new single European currency, the euro, which was introduced on January 1, 1999.
		After a currency crisis in 1993, the bands were widened to 15% on each side, but in practice the fluctuations were kept within a narrow band.
	fx.sauder.ubc.ca /ECU.html (622 words)

	SSRN-Is Currency Union in Asia Political Rhetoric or a Realistic Vision? by Vincent Hooper
		In this paper, the possibility of monetary union in Asia is explored.
		Currency unions are virtually an impossible result to prove theoretically and we lack few real- life examples of where it has been successful.
		Hooper, Vincent J., "Is Currency Union in Asia Political Rhetoric or a Realistic Vision?" (2002).
	papers.ssrn.com /sol3/papers.cfm?abstract_id=298147 (295 words)

	BBC News \| AFRICA \| West Africa opts for currency union
		At present, eight francophone countries of West Africa share a common currency in the CFA franc.
		The BBC business correspondent says that the convergence criteria for the new currency may be set too high for many of the six countries to meet.
		The countries must also ensure they have enough foreign currency reserves to cover at least three months of imports by the end of 2000, and six months of imports by the end of 2003.
	news.bbc.co.uk /hi/english/world/africa/newsid_721000/721707.stm (285 words)

	Russia/Belarus: Officials Agree On Currency Union, But Will It Hold?
		He believes the biggest beneficiary of a monetary union would be Russian businesses, which have been eager to buy into Belarus's oil, gas, and chemical industries.
		She said the disparity between Russia and Belarus means any currency or political union will be on Moscow's terms.
		Because any talk of a union of equals is out of the question as far as Russia is concerned.
	www.globalsecurity.org /military/library/news/2003/06/mil-030620-rfel-165232.htm (1272 words)

	Division of Research Working Paper Abstract: 02-005 (Site not responding. Last check: 2007-10-08)
		In December 1991, when the Soviet Union's collapse became official and final, all fifteen states shared a common currency, the ruble, and thus composed the so-called rublevaia zona, or ruble zone.
		I also argue that the question should be reframed: Why did some post-Soviet states exit the currency union almost immediately as part of their strategies for autonomy and security from Russia, while others were content to trade monetary sovereignty and economic autonomy for the material rewards of ruble-zone membership?
		To understand the decline and fall of the ruble zone it is necessary to explore the divergent monetary strategies of the successor states.
	www.hbs.edu /research/facpubs/workingpapers/abstracts/0102/02-005.html (294 words)

	Currency \| Find it here at electroniccurrency.com (Site not responding. Last check: 2007-10-08)
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	www.ElectronicCurrency.com (167 words)

	[Guinea-list] West African currency union (on verra bien)
		I recall that the exchange rate of the GF fluctuated between 1000 to 1500 francs to the dollar while we were there...
		I mean, I imagine in the village they don't get affected by the currency fluctuations that much, because very few products are imported.
		I think >if we happen to have a currency for the west coast of >africa or may be for the whole continent then in this >century will be one of the best thing ever for >the"noire continent".
	www.pairlist.net /pipermail/guinea-list/2000-April/000005.html (403 words)

	Euro Conversion FAQ for I.T. systems, euro currency, euro archive
		Therefore conversions between national currencies in the euro are not like normal exchange rates with variable rates; they are simply a different measurement of the same underlying entity, just like pounds and kilogrammes are different scales of measurement of weight.
		Monetary amounts to be converted from one national currency unit into another shall first be converted into a monetary amount expressed in the euro unit, which amount may be rounded to not less than three decimal places and shall then be converted into the other national currency unit.
		The famous "triangulation" rule is that to convert from one participating currency to another, you must convert via the euro and round the euro amount to not less than three decimal places.
	www.sysmod.com /eurofaq.htm (3064 words)

	New Zealand Economic Papers : An ANZAC Dollar? Currency Union and Business Development.(Review) @ HighBeam Research (Site not responding. Last check: 2007-10-08)
		Currency Union and Business Development, by Arthur Grimes and Frank Holmes with Roger Bowden, (Wellington: Institute of Policy Studies), 2000.
		The growing interest in a monetary union involving New Zealand should be viewed in the context of both domestic and international developments.
		Currency Union and Business Development.(Review)' with a FREE Trial for instant access »
	static.elibrary.com /n/newzealandeconomicpapers/june012000/ananzacdollarcurrencyunionandbusinessdevelopmentre/index.html (212 words)

	The Eastern Caribbean Currency Union: Institutions, Performance, and Policy Issues--IMF Occasional Paper No. 195
		The OECS members share a common currency, the Eastern Caribbean dollar, which has been pegged to the U.S. dollar since 1976 at EC$2.70=US$1, and was pegged to the British pound at EC$4.80=£1 from 1950 to 1976.
		This occasional paper reviews recent developments, policy issues, and institutional arrangements in the member countries of the Eastern Caribbean Currency Union (ECCU), and looks at the ECCB's institutional arrangements, the financial system and its supervision, and the central bank's initiatives to establish a single financial space.
		In the course of the 1990s, however, the slowdown in growth was accompanied by a weakening of the fiscal positions in several countries, and the medium-term outlook has changed.
	www.imf.org /external/pubs/nft/op/195/index.htm (1323 words)

	Public Information Notice: IMF Concludes Discussion on the Eastern Caribbean Currency Union
		This action is intended to strengthen IMF surveillance over the economic policies of member countries by increasing the transparency of the IMF's assessment of these policies; and (ii) following policy discussions in the Executive Board at the decision of the Board.
		On May 5, 2004, the Executive Board of the International Monetary Fund (IMF) concluded the discussion of regional surveillance on the Eastern Caribbean Currency Union.
		Directors stressed that preserving the currency board arrangements operated by the ECCB depends on the sustainability of the region's fiscal and debt situation and a sound financial sector which is effectively regulated.
	www.imf.org /external/np/sec/pn/2004/pn04101.htm (1559 words)

	Recent Reserve Bank discussion papers (with abstracts) (Site not responding. Last check: 2007-10-08)
		This paper considers the effect of currency union on exchange rate volatility.
		Empirically, the interaction between currency areas and exchange rate volatility is analysed by constructing counterfactual exchange rate series for the scenarios of currency union with Australia or with the United States from 1985 to 2001.
		Stochastic simulation experiments provide a vehicle to analyse what the implications of currency union might be more generally.
	www.rbnz.govt.nz /research/discusspapers/dp2001.html (1139 words)

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