When a group of countries agree to share a common currency,they are said to have formed a
A)currency union.
B)welfare state.
C)monetary alliance.
D)monetary cartel.

Question

Quizplus · Accepted Answer

When a group of countries agree to share a common currency, it is referred to as a currency union. Each country within the union gives up its independent control over its monetary policy and adopts a shared currency. Examples include the Eurozone in Europe and the Eastern Caribbean Currency Union in the Caribbean. The other options do not accurately describe this arrangement.

When a Group of Countries Agree to Share a Common