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As far as I see it, a "monetary union" is an area with a common currency, but without common fiscal policy and without free flow of labor (in the EU free flow of labor is not possible because of the different languages). Obviously you could call any area with one currency a "monetary union", but this is not how it is used in practice.
by rz on Fri Jul 18th, 2014 at 03:53:47 AM EST
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