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Currency union

Two or more countries that agree to use the same currency instead of the fixed exchange rate system, or pegged exchange rate system. There are two main distinctions to a currency union: surrendered or shared. The first is simple adoption of a foreign currency in place of the current national currency. The adopting country loses control of all aspects of monetary policy, but for small countries this may be more of a relief than a burden. The second is much more of a partnership where participating countries share authority over monetary policy. This partnership can be extended into the political aspect as well, i.e. the European Union.

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