Previous sections have considered a number of issues concerning currency unions, including traditional criteria for their success, the conformity of existing unions to these criteria, the convergence of real economic performance before and after their establishment, and implications for fiscal policy. This section discusses some of the issues concerning the transition to monetary union. The overwhelming example in this context is Europe, where various plans are currently being debated—and the first steps have already been taken—toward full monetary union between the countries of the EC.

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