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Business Environment and Law QUESTIONS a) Explain the nature of a currency union; b) Critically evaluate the economic advantages and disadvantages of membership of a currency union such as the European Monetary Union (EMU). A currency union or a monetary union as it is sometimes called is where several countries agree to share a single currency (which in this case is the Euro) a currency union is not however the same as an economic and monetary union that is where it is the economic policies as well as the currency that is coordinated. The currency used in th EMU is the Euro it became the official currency back in 1999 however the countries were not obliged to phase out there own currencies until 2002, it was expected that the introduction of the euro would stimulate cross border investment by eliminating the changing exchange rates. At present the three member states that are not...

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