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{{Short description|Agreement involving states sharing a single currency}}{{trade bloc}}File:Currency union.PNG|thumb|right|300px|World map of current international currency unions:{{legend|#0000FF|EUR Euro}}{{legend|#00FF00|USD United States dollar}}{{legend|#FF3800|CHF Swiss franc}}{{legend|#B803FF|INR Indian rupee}}{{legend|#FF00FF|AUD Australian dollar}}{{legend|#000000|XCD Eastern Caribbean dollar}}{{legend|#FF8413|ZAR South African rand}}{{legend|#00FFFF|XOF West African CFA franc}}{{legend|#30D5C8|XAF Central African CFA franc}}{{legend|#7B3F00|XPF CFP francCFP francA currency union (also known as monetary union) is an intergovernmental agreement that involves two or more states sharing the same currency. These states may not necessarily have any further integration (such as an economic and monetary union, which would have, in addition, a customs union and a single market).There are three types of currency unions:

• Informal – unilateral adoption of a foreign currency.WEB, World Bank,siteresources.worldbank.org/PGLP/Resources/Session9.pdf, WorldBank.org, 30 April 2019,
• Formal – adoption of foreign currency by virtue of bilateral or multilateral agreement with the monetary authority, sometimes supplemented by issue of local currency in currency peg regime.
• Formal with common policy – establishment by multiple countries of a common monetary policy and monetary authority for their common currency.

The theory of the optimal currency area addresses the question of how to determine what geographical regions should share a currency in order to maximize economic efficiency.WEB, The Optimum Currency Area Theory and the EMU,www.intereconomics.eu/contents/year/2013/number/5/article/the-optimum-currency-area-theory-and-the-emu.html, Intereconomics, Hafner, Kurt A., Jager, Jennifer, 1 April 2021,

Advantages and disadvantages

{{More citations needed section|date=August 2019}}Implementing a new currency in a country is always a controversial topic because it has both many advantages and disadvantages. New currency has different impacts on businesses and individuals, which creates more points of view on the usefulness of currency unions. As a consequence, governmental institutions often struggle when they try to implement a new currency, for example by entering a currency union.

Advantages

• A currency union helps its members strengthen their competitiveness on a global scale and eliminate the exchange rate risk.
• Transactions among member states can be processed faster and their costs decrease since fees to banks are lower.WEB, Global Economy, The, Currency unions, Monetary unions,www.theglobaleconomy.com/guide/article/21/, The Global Economy, Naven Valev, 1 April 2021,
• Prices are more transparent and so are easier to compare, which enables fair competition.
• The probability of a monetary crisis is lower. The more countries there are in the currency union, the more they are resistant to crisis.

Disadvantages

• The member states lose their sovereignty in monetary policy decisions. There is usually an institution (such as a central bank) that takes care of the monetary policymaking in the whole currency union.
• The risk of asymmetric “shocks” may occur. The criteria set by the currency union are never perfect, so a group of countries might be substantially worse off while the others are booming.
• Implementing a new currency causes high financial costs. Businesses and also single persons have to adapt to the new currency in their country, which includes costs for the businesses to prepare their management, employees, and they also need to inform their clients and process plenty of new data.
• Unlimited capital movement may cause moving most resources to the more productive regions at the expense of the less productive regions. The more productive regions tend to attract more capital in goods and services, which might avoid the less productive regions.WEB, Study,study.com/academy/lesson/currency-union-definition-pros-cons.html, Study.com, 30 April 2019, WEB, Global Financial Integrity,www.gfintegrity.org/asymmetric-shocks-and-other-woes-of-the-eurozone/, gfintegrity.org, 20 June 2011, 30 April 2019,

Convergence and divergence

Convergence in terms of macroeconomics means that countries have a similar economic behaviour (similar inflation rates and economic growth).It is easier to form a currency union for countries with more convergence as these countries have the same or at least very similar goals. The European Monetary Union (EMU) is a contemporary model for forming currency unions. Membership in the EMU requires that countries follow a strictly defined set of criteria (the member states are required to have a specific rate of inflation, government deficit, government debt, long-term interest rates and exchange rate). Many other unions have adopted the view that convergence is necessary, so they now follow similar rules to aim the same direction.Divergence is the exact opposite of convergence. Countries with different goals are very difficult to integrate in a single currency union. Their economic behaviour is completely different, which may lead to disagreements. Divergence is therefore not optimal for forming a currency union.WEB, Enoch, Charles, Krueger, Russell, Currency unions: key variables, definitions, measurement, and statistical improvement,www.bis.org/ifc/publ/ifcb32j.pdf, Bank for International Settlements, 30 April 2019,

History

The first currency unions were established in the 19th century. The German Zollverein came into existence in 1834, and by 1866, it included most of the German states. The fragmented states of the German Confederation agreed on common policies to increase trade and political unity.The Latin Monetary Union, comprising France, Belgium, Italy, Switzerland, and Greece, existed between 1865 and 1927, with coinage made of gold and silver. Coins of each country were legal tender and freely interchangeable across the area. The union’s success made other states join informally.The Scandinavian Monetary Union, comprising Sweden, Denmark, and Norway, existed between 1873 and 1905 and used a currency based on gold. The system was dissolved by Sweden in 1924.NEWS, History of currency unions,www.theguardian.com/world/2001/dec/10/euro.eu, The Guardian, 10 December 2001, 30 April 2019, Bolton, Sally, A currency union among the British colonies and protectorates in Southeast Asia, namely the Federation of Malaya, North Borneo, Sarawak, Singapore and Brunei was established in 1952. The Malaya and British Borneo dollar, the common currency for circulation was issued by the Board of Commissioners of Currency, Malaya and British Borneo from 1953 until 1967. Following the cessation of the common currency arrangement, Malaysia (the combination of Federation of Malaya, North Borneo, Sarawak), Singapore and Brunei began issuing their own currencies. Contemporarily, a currency reunion of these countries might still be feasible based on the findings of economic convergence.WEB , JOURNAL, Economic Feasibility of Malaysia and Singapore-Brunei Monetary Reunion: A Scrutiny during Major Financial Crises, C. H., Quah, Y. J., Ho, 2020, Applied Economics Journal, 27, 1, 23–51,so01.tci-thaijo.org/index.php/AEJ/article/view/222909/163771,

List of currency unions

Existing

{{clr}}{| class=“wikitable sortable”! Currency! Union! Users ! Est.! Status! data-sort-type=number | Population|CFA franc

Issued by the (France>French) Overseas Issuing Institute between 1945 and 1962 then by the Central Bank of West African States and the Bank of Central African States|West African CFA franc users:{{flag|Benin}}{{flag|Burkina Faso}}{{flag|Côte d’Ivoire}}{{flag|Guinea-Bissau}}{{flag|Mali}}{{flag|Niger}}{{flag|Senegal}}{{flag|Togo}} Central African CFA franc users:{{flag|Cameroon}}{{flag|Central African Republic}}{{flag|Chad}}{{flag|Equatorial Guinea}}{{flag|Gabon}}{{flag|Republic of the Congo}}|1945|Formal, common policy|151,978,440

|CFP franc

Issued by the (France>French) Overseas Issuing Institute	{{flag>French Polynesia}}{{flag|New Caledonia|local}}{{flag|Wallis and Futuna|local}}|1945|Formal, common policy|552,537

|Eastern Caribbean dollar

Eastern Caribbean Currency Union of the Eastern Caribbean Central Bank (ECCB) and the Organisation of Eastern Caribbean States>OECS.	{{flag>Anguilla}}{{flag|Antigua and Barbuda}}{{flag|Dominica}}{{flag|Grenada}}{{flag|Montserrat}}{{flag|Saint Kitts and Nevis}}{{flag|Saint Lucia}}{{flag|Saint Vincent and the Grenadines}}|1965	de facto economic and monetary union>EMU for CSME membersAnguilla and Montserrat are members of OECS currency union, but not of the CSME.|625,000

|Euro|International status and usage of the euro

European Union}} Eurozone:{{flag|Austria}}{{flag|Belgium}}{{flag|Croatia}}{{flag|Cyprus}}{{flag|Estonia}}{{flag|Finland}}{{flag|France}}{{flag|Germany}}{{flag|Greece}}{{flag|Ireland}}{{flag|Italy}}{{flag|Latvia}}{{flag|Lithuania}}{{flag|Luxembourg}}{{flag|Malta}}{{flag|Netherlands}}{{flag|Portugal}}{{flag|Slovakia}}{{flag|Slovenia}}{{flag|Spain}} and EU special territories:{{flag|French Southern and Antarctic Lands}}{{flag|Saint Barthélemy|local}}{{flag|Saint Pierre and Miquelon|local}} {{flag|Akrotiri and Dhekelia}}{{flag|Andorra}}{{flag|Kosovo}}{{flag|Monaco}}{{flag|Montenegro}}{{flag|San Marino}}{{flag|Vatican City}}|1999/2002

economic and monetary union>EMU for EU membersFormal for Monaco and Akrotiri and Dhekelia (which form part of the EU’s customs territory)Informal for Kosovo, MontenegroFormal for Andorra and San Marino (which are in customs union with the EU’s customs territory)|341,008,867

|Singapore dollarBrunei dollar|Managed together by the Monetary Authority of Singapore

Brunei}}{{flag|Singapore}}|1967|Formal; currencies mutually exchangeableTo all intents and purposes a monetary union. They are the last two nations whose dollars have remained at par and mutually interchangeable since the days when the Spanish Dollar was the united currency of large areas of the New World and Southeast Asia.|5,137,000

|Australian dollar|

Australia}} and external territories:{{flag|Ashmore and Cartier Islands}}{{flag|Australian Antarctic Territory}}{{flag|Christmas Island}}{{flag|Cocos (Keeling) Islands}}{{flag|Coral Sea Islands|name=Coral Sea Islands Territory}}{{flag|Heard Island and McDonald Islands}}{{flag|Norfolk Island}} {{flag|Kiribati}}{{flag|Nauru}}{{flag|Tuvalu}}|1966|Informal|24,557,000

|Pound sterling|Sterling area (former)

United Kingdom}} and Overseas Territories:{{flag|British Antarctic Territory}}{{flag|British Indian Ocean Territory}}{{flag|Falkland Islands}}{{flag|Gibraltar}}{{flag|Saint Helena, Ascension and Tristan da Cunha}}{{flag|South Georgia and the South Sandwich Islands}} and Crown Dependencies:{{flag|Bailiwick of Guernsey}}{{flag|Jersey|name=Bailiwick of Jersey}}{{flag|Isle of Man}}|1939|Semi-formal. UK banknotes are legal tender in locations outside the UK. Local currencies are pegged to the GBP but not necessarily accepted in the UK: Guernsey pound, Manx pound, Jersey pound and Alderney pound, Falkland Islands pound, Gibraltar pound, Saint Helena pound|62,321,000

|Indian rupee|

India}}{{flag|Bhutan}}alongside the ngultrum{{flag|Nepal}}Not official, but freely used as a tender in Nepal, due to primarily the economic flux with India and also the instability caused by that country’s civil war.|1974|InformalNepal minor usage|1,352,000,000

|New Zealand dollar|

New Zealand}} and Realm:{{flag|Cook Islands}}{{flag|Niue}}{{flag|Tokelau}} {{flag|Pitcairn Islands}}|1967|Informal|4,411,000

|Israeli new sheqel|

Israel}}{{flag|Palestine}}|1927/1986|Informal|11,738,000

Jordanian dinar0190-8286	FIRST = JANINE	JOURNAL = THE WASHINGTON POST AND TIMES-HERALD	DATE = 2010-05-31		EDITOR= DAVID COBHAM	FIRST = DAVID	CHAPTER = ALTERNATIVE CURRENCY ARRANGEMENTS FOR A NEW PALESTINIAN STATE	DATE = 2004-09-15	ACCESS-DATE = 2018-08-22, |	Jordan}}{{flag|Palestine}} (West Bank only)||Informal|8,922,000

|Russian ruble|

Russia}}{{flag|Abkhazia}}{{flag|South Ossetia}} |2008|Informal|142,177,000

|South African rand

Common Monetary Area>Multilateral Monetary Area	Lesotho}}{{flag|Namibia}}{{flag|South Africa}}{{flag|Eswatini}}|1974	de facto customs and monetary union for the Southern African Customs Union>SACU member countries|52,924,669

|Swiss franc|

Liechtenstein}}{{flag|Switzerland}}|1920	de facto economic and monetary union—1924 creation of a customs union, then members of the European Free Trade Association (a single market>common market), and now also part of the European Single Market.|8,547,015

|Turkish lira|

Turkey}}{{flag|Turkish Republic of Northern Cyprus}}|1983|Informal|75,081,100

|United States dollar|

United States}} and insular areas:{{flag|American Samoa}}{{flag|Guam}}{{flag|United States Minor Outlying Islands}}{{flag|Northern Mariana Islands}}{{flag|Puerto Rico}}{{flag|United States Virgin Islands}} and Compact of Free Association members:{{flag|Marshall Islands}}{{flag|Federated States of Micronesia|Micronesia}}{{flag|Palau}} {{flag|Ecuador}}{{flag|El Salvador}}{{flag|Panama}}{{flag|Timor-Leste}}{{flag|Turks and Caicos Islands}}{{flag|British Virgin Islands}}{{flagicon|Netherlands}} BES islands|1904(Panama only)	Compact of Free Association,HTTP://WWW.FSMLAW.ORG/COMPACT/T02ART05.HTM	WEBSITE=WWW.FSMLAW.ORG, informal for other areas|339,300,000

Note: Every customs and monetary union and economic and monetary union also has a currency union.{{flag|Zimbabwe}} is theoretically in a currency union with four blocs as the South African rand, Botswana pula, British pound and US dollar freely circulate. The US Dollar was, until 2016, official tender.NEWS,news.bbc.co.uk/2/hi/africa/7859033.stm, Zimbabwe abandons its currency, 2009-01-29, 2019-10-15, en-GB, Additionally, the autonomous and dependent territories, such as some of the EU member state special territories, are sometimes treated as separate customs territory from their mainland state or have varying arrangements of formal or de facto customs union, common market and currency union (or combinations thereof) with the mainland and in regards to third countries through the trade pacts signed by the mainland state.EU Overseas countries and some other territories participate partially in the EU single market per part four of the Treaty Establishing the European Community {{Webarchive|url=https://web.archive.org/web/20131116105433eur-lex.europa.eu/en/treaties/dat/12002E/htm/C_2002325EN.003301.html |date=2013-11-16 }}; Some EU Outermost regions and other territories use the Euro of the currency union, others are part of the customs union; some participate in both unions and some in neither.Territories of the United States, Australian External Territories and Realm of New Zealand territories share the currency and mostly also the market of their respective mainland state, but are generally not part of its customs territory.

Currency union in Europe

The European currency union is a part of the Economic and Monetary Union of the European Union (EMU). EMU was formed during the second half of the 20th century after historic agreements, such as Treaty of Paris (1951), Maastricht Treaty (1992). In 2002, the euro, a single European currency, was adopted by 12 member states. Currently, the Eurozone has 20 member states. The other members of the European Union are required to adopt the euro as their currency (except for Denmark, which has been given the right to opt out), but there has not been a specific date set. The main independent institution responsible for stability of the euro is the European Central Bank (ECB). Together with 15 national banks it forms the European System of Central Banks. The Governing Board consists of the Executive Committee of the ECB and the governors of individual national banks, and determines the monetary policy, as well as short-term monetary objectives, key interest rates and the extent of monetary reserves.WEB, European Union,ec.europa.eu/info/business-economy-euro/economic-and-fiscal-policy-coordination/economic-and-monetary-union_en, Europa.eu, 30 April 2019,

Planned

{{see also|List of proposed currencies}}{| class=“wikitable sortable”! Community! Currency! Region! Target date! width=30%| Notes

East African Community}} East African Community	East African shilling#Second East African shilling>East African shilling| Africa		LAST2=NWACHUKWU	LAST3=TCHAMYOU	DATE=2016-08-01	JOURNAL=JOURNAL OF ECONOMIC SURVEYS	ISSUE=3	PAGES=878–902	S2CID=38454408	URL=HTTP://WWW.AFRIDEV.ORG/REPEC/AGD/AGD-WPAPER/A-LITERATURE-SURVEY-ON-PROPOSED-AFRICAN-MONETARY-UNIONS.PDF, |

| West African Monetary Zone

Eco (currency)>Eco| Africa| 2027	Economic Community of West African States, planned to eventually merge with West African CFA franc>West African franc

| ASEAN+3

Asian Monetary Unit {{citation needed>date=June 2016}}| Asia| ?| a free trade agreements matrix partially established

GCC Flag.svg}} Cooperation Council for the Arab States of the Gulf	Khaleeji (currency)>Khaleeji| Arabian Peninsula| ?| Oman and the United Arab Emirates do not intend to adopt the currency at first but will do at a later date.

Flag of the African Union.svg}} African Economic Community	Afro (currency)>Afro or Afriq| Africa		DATE= 30 NOVEMBER 2001, | Planned for 2028 or later

|Brazil, Argentina and possibly other countries|Sur|Latin America| ?

	LANGUAGE=EN	URL=HTTPS://WWW.REUTERS.COM/MARKETS/CURRENCIES/BRAZIL-ARGENTINA-BEGIN-PREPARATIONS-COMMON-CURRENCY-FT-2023-01-22/, 2023-01-22,

Disbanded

{{See also|Bretton Woods Conference}}

• between {{Flagicon|Bahrain}} Bahrain and {{Flagicon|Abu Dhabi}} Abu Dhabi using the Bahraini dinar
• between {{Flagicon|Bahrain|variant=1932}} Bahrain, {{Flagicon|Kuwait|variant=1940}} Kuwait, {{Flagicon image|Flag of The Imamate of Oman.svg}} Oman, {{Flagicon|Qatar|variant=1949}} Qatar and the {{Flagicon|Trucial States}} Trucial States, using the Gulf rupee from 1959 until 1966
• between {{Flagicon image|Flag of Aden (1937–1963).svg}} Aden, {{Flag|South Arabia}}, {{Flagicon|Bahrain|variant=1932}} Bahrain, {{Flagicon image|Flag of Kenya (1921–1963).svg}} Kenya, {{Flagicon|Kuwait|variant=1940}} Kuwait, {{Flagicon image|Flag of The Imamate of Oman.svg}} Oman, {{Flagicon|Qatar|variant=1949}} Qatar, {{Flagicon|British Somaliland}} British Somaliland, {{Flagicon|Trucial States}} the Trucial States, {{Flagicon image|Flag of the Uganda Protectorate.svg}} Uganda, {{Flagicon image|Flag of Zanzibar Under British Rule.svg}} Zanzibar and {{Flagicon|British India}} British India (later independent {{Flagicon|India}} India) using the Indian rupee
• between {{Flagicon|Belgium}} Belgium and the {{Flagicon|Luxembourg}} Grand-Duchy of Luxemburg (Belgium-Luxembourg Economic Union) using the Belgian/Luxembourgish franc from 1921 to the Euro
• between {{Flagicon|British India}} British India and the {{Flagicon|Straits Settlements}} Straits Settlements (1837–1867) using the Indian rupee
• between {{Flagicon|Czech Republic}} Czech Republic and {{Flagicon|Slovakia}} Slovakia (briefly from January 1, 1993 to February 8, 1993) using the Czechoslovak koruna
• between {{Flagicon|Ethiopia}} Ethiopia and {{Flagicon|Eritrea}} Eritrea using the Ethiopian birr
• between {{Flagicon|France}} France, {{Flagicon|Monaco}} Monaco, and {{Flagicon|Andorra}} Andorra using the French franc
• between {{Flagicon|Austria-Hungary}} Austria-Hungary and {{Flagicon|Liechtenstein}} Liechtenstein using the Austro-Hungarian krone
• between the Eastern Caribbean, {{Flagicon image|Flag of Jamaica (1957–1962).svg}} Jamaica, {{Flagicon image|Flag of Barbados (1870–1966).svg}} Barbados, {{Flagicon image|Flag of Trinidad and Tobago (1958–1962).svg}} Trinidad and Tobago and {{Flagicon|British Guiana}} British Guiana using the British West Indies dollar
• between the Eastern Caribbean, {{Flagicon image|Flag of Barbados (1870–1966).svg}} Barbados, {{Flagicon image|Flag of Trinidad and Tobago (1958–1962).svg}} Trinidad and Tobago and {{Flagicon|British Guiana}} British Guiana using the Eastern Caribbean dollar
• between {{Flagicon|Italy}} Italy, {{Flagicon|Holy See}} Vatican City, and {{Flagicon|San Marino}} San Marino using the Italian lira
• between {{Flagicon|Jamaica}} Jamaica and the {{Flagicon|Cayman Islands}} Cayman Islands using the Jamaican pound and later Jamaican dollar
• between {{Flagicon image|Flag of Kenya (1921–1963).svg}} Kenya, {{Flagicon image|Flag of the Uganda Protectorate.svg}} Uganda, and {{Flagicon image|Flag of Zanzibar Under British Rule.svg}} Zanzibar using the East African rupee
• between {{Flagicon image|Flag of Kenya (1921–1963).svg}} Kenya, {{Flagicon image|Flag of the Uganda Protectorate.svg}} Uganda, and {{Flagicon image|Flag of Zanzibar Under British Rule.svg}} Zanzibar (and later {{Flag|Tanganyika}}) using the East African florin
• between {{Flagicon|Kenya}} Kenya, {{Flag|Tanganyika}} and {{Flagicon|Zanzibar}} Zanzibar (later merged as {{Flagicon|Tanzania}} Tanzania), {{Flagicon|Uganda}} Uganda, {{Flagicon|South Arabia}} South Arabia, {{Flagicon|British Somaliland}} British Somaliland and {{Flagicon image|Flag of the Kingdom of Italy.svg}} Italian Somaliland using the East African shilling
• Latin Monetary Union (1865–1927), initially between {{Flagicon|French Third Republic}} France, {{Flagicon|Belgium}} Belgium, {{Flagicon|Kingdom of Italy}} Italy and {{Flagicon|Switzerland}} Switzerland, and later involving {{Flagicon|Kingdom of Greece}} Greece,WEB,www.theguardian.com/world/2001/dec/10/euro.eu, A history of currency unions, Bolton, Sally, 10 December 2001, guardian.co.uk, France persuaded Belgium, Italy, Switzerland and Greece, 26 February 2012, {{Flagicon|Kingdom of Romania}} Romania, {{Flag|Spain|1785}} and other countries.
• between {{Flagicon|Liberia}} Liberia and the {{Flagicon|United States|variant=1912}} United States using the United States dollar
• between {{Flagicon|Mauritius}} Mauritius and {{Flagicon|Seychelles}} Seychelles using the Mauritian rupee
• between {{Flagicon image|Flag of Nigeria (1914–1952).svg}} Nigeria, {{Flagicon image|Flag of The Gambia (1889–1965).svg}} the Gambia, {{Flagicon image|Flag of Sierra Leone (1916–1961).svg}} Sierra Leone, {{Flagicon|Gold Coast}} the Gold Coast and {{Flagicon|Liberia}} Liberia using the British West African pound
• between {{Flagicon|Kingdom of Prussia|variant=1803}} Prussia and the North German states (1838–1857) using the North German thaler
• between {{Flagicon|Russian Federation|variant=1991}} Russia and the {{Flagicon image|Flag of the CIS (UEFA Euro 1992).svg}} former Soviet republics (1991–1993) using the Soviet ruble
• between {{Flagicon|Qatar}} Qatar and all the emirates of the {{Flagicon|UAE}} United Arab Emirates, except Abu Dhabi using the Qatari and Dubai riyal
• between {{Flagicon|Saudi Arabia|variant=1938}} Saudi Arabia and {{Flagicon|Qatar|variant=1949}} Qatar using the Saudi riyal
• between {{Flagicon image|Flag of the Territory of Papua.svg}} Western Samoa and {{Flagicon|New Zealand}} New Zealand using the New Zealand pound
• Scandinavian Monetary Union (1870s until 1924), between {{Flagicon|Denmark}} Denmark, {{Flagicon|Norway}} Norway and {{Flagicon|Sweden}} Sweden
• between the {{Flagicon|Solomon Islands}} Solomon Islands, {{Flagicon|Papua New Guinea}} Papua New Guinea and {{Flagicon|Australia}} Australia using the Australian dollar
• between {{Flagicon|Australia}} Australia, {{Flagicon image|Flag of the Territory of Papua.svg}} Papua, {{Flagicon image|Flag of the Territory of New Guinea.svg}} New Guinea, {{Flagicon image|Civil Ensign of Australia.svg}} Nauru, {{Flagicon image|Flag of the Solomon Islands (1956–1966).svg}} the Solomon Islands, and {{Flagicon image|Flag of the Gilbert and Ellice Islands (1937–1976).svg}} the Gilbert and Ellice Islands using the Australian pound
• between {{Flagicon image|Flag of Bavaria (striped).svg}} Bavaria, {{Flagicon image|Banner of Baden (3^2).svg}} Baden, {{Flagicon image|Flagge Königreich Württemberg.svg}} Württemberg, {{Flagicon image|Flag of the Free City of Frankfurt.svg}} Frankfurt, and {{Flagicon image|Flag of Hohenzollern-Hechingen and Sigmaringen.png}} Hohenzollern using the South German guilder
• between {{Flagicon|Spain}} Spain and {{Flagicon|Andorra}} Andorra using the Spanish peseta
• between {{Flagicon|Trinidad and Tobago}} Trinidad and Tobago and {{Flagicon|Grenada}} Grenada using the Trinidad and Tobago dollar
• between {{Flagicon|Brunei}} Brunei, {{Flagicon|Malaysia}} Malaysia, and {{Flagicon|Singapore}} Singapore (1953–1967) using the Malaya and British Borneo dollar
• between {{Flagicon image|Flag of Cambodia under French protection.svg}} Cambodia, {{Flagicon image|Flag of French Laos.svg}} Laos, {{Flagicon image|Flag of France.svg}} Guangzhouwan, {{Flagicon image|First flag of the Nguyen Dynasty.svg}} Annam, {{Flagicon image|Flag of Colonial Annam.svg}} Tonkin, and {{Flagicon image|Flag of Republic of Cochinchina.svg}} Cochinchina (later {{Flagicon|State of Vietnam}} Vietnam) between 1885 and 1952 using the French Indochinese piastre
• between {{Flag|South Africa|1928}}, {{Flagicon|South West Africa}} South West Africa, and {{Flagicon image|Flag of the United Kingdom.svg}} Bechuanaland (later independent {{Flagicon|Botswana}} Botswana) using the South African rand
• between {{Flagicon|Egypt|1922}} Egypt, {{Flagicon image|Flag of Anglo-Egyptian Sudan.svg}} Anglo-Egyptian Sudan, and {{Flagicon image|Ensign of the Palestine Mandate Customs and Postal Services (1929–1948).svg}} Mandatory Palestine (until 1926) using the Egyptian pound
• between {{Flagicon|West Germany}} West Germany and {{Flagicon|DDR}} East Germany between 1 July 1990 and 3 October 1990, as part of a temporary, so-called “Monetary, Economic and Social Union” prior to German reunification.
• between what ultimately became the {{Flagicon|Republic of Ireland}} Republic of Ireland and the {{Flagicon|United Kingdom}} United Kingdom, between 1928 and 1979. The Irish Pound was held at exactly the same value as Sterling for this period, although it was not accepted for payments in the UK.
• Yen Bloc (between 1905 and 1945), between the {{Flagicon|Empire of Japan}} Empire of Japan, the {{Flagicon|Korean Empire}} Korean Empire, {{Flagicon|Manchukuo}} Manchukuo, {{Flagicon|Mengjiang}} Mengjiang, the {{Flagicon|Wang Jingwei regime}} Wang Jingwei regime, and Japanese-occupied Southeast Asia prior to and during World War II.

Never materialized

• proposed Pan-American monetary union – abandoned in the form proposed by Argentina
• proposed monetary union between the {{Flagicon|United Kingdom}} United Kingdom and {{Flagicon|Norway}} Norway using the pound sterling during the late 1940s and early 1950s
• proposed gold-backed, pan-African monetary union put forward by Muammar Gaddafi prior to his death

See also

• List of pegged currencies

• North American Currency Union (Amero)Not currently on any political agenda, based mostly off conspiracy theories.

References

{{Reflist|40em}}

Further reading

• Acocella, N. and Di Bartolomeo, G. and Tirelli, P. [2007], Monetary conservatism and fiscal coordination in a monetary union, in: Economics Letters, 94(1): 56–63.
• ENCYCLOPEDIA, Bergin, Paul, David R. Henderson, David R. Henderson, Concise Encyclopedia of Economics, Monetary Union,www.econlib.org/library/Enc/MonetaryUnion.html, 2008, 2nd, Library of Economics and Liberty, Indianapolis, 978-0865976658, 237794267,

External links

{{Commons category|Currency unions}}

• West Africa opts for currency union
• Economist- Antipodean currencies (Australia and New Zealand)
• www.case.com.pl/upload/publikacja_plik/3460035_058e.pdf" title="web.archive.org/web/20081218230932www.case.com.pl/upload/publikacja_plik/3460035_058e.pdf">Reasons for the collapse of the Rouble Zone
• OECD Development Centre – the Rand Zone

{{Economic integration}}{{Authority control}}