Building New Currency Unions: Lessons from the European Monetary Union

Building New Currency Unions: Lessons from the European Monetary UnionThe creation of the euro as a new regional currency transformed the international financial system - this book reviews the history of the euro and draws positive and negative lessons for other regions considering monetary unions. Also, digital financial instruments, including a future digital euro, are disrupting the international economy as well as creating new opportunities to build more dynamic and inclusive economies. The book argues that many countries' currencies could disappear as countries will increasingly choose to create new unions or tighter regional financial arrangements as monetary defenses and as positive steps to build better financial systems. Author - Russell Krueger (retired) has worked at the U.S. Department of Commerce, Federal Reserve Board, and International Monetary Fund.