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That innovation, in which a group of European countries voluntarily abandoned their national currencies for a newly created one, has been heavily watched by both policymakers and economists for various reasons. For one thing, it was a novel move –for most of the post-war period, countries have shown a strong preference to have their own national currency.1 Second, before the European Economic and Monetary Union (EMU), countries adopting another’s currency appeared to be radically different from non-union members. Finally, the European experience has raised considerable interest not only within the European Union, but also outside
European Monetary Union—also known as the euro-zone and euroland—came into existence on January 1 among eleven countries of the European Union with a new currency—the euro—and a new European Central Bank. Having the same currency, the eleven countries are likely to enlarge their mutual trade. The euro’s exchange rate will float in terms of the dollar and the yen
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