A monetary union is where countries share a common currency and monetary policy.

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In a monetary union, member countries adopt a common currency and entrust the responsibility of monetary policy to a centralized body, such as a central bank. Examples include the Eurozone, which includes 19 European countries that use the euro as their official currency, and the Eastern Caribbean Currency Union, which includes 8 Caribbean countries that use the Eastern Caribbean dollar.

A Monetary Union Is Where Countries Share a Common Currency