The member countries of BERPHO,a regional free trade area wanted to adopt a common currency,the "BERPH." The "BERPH" was modeled after and,in fact,was exactly similar to the euro.Establishment of the "BERPH" requires participating national governments to

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Adoption of a common currency requires participating national governments to give up control over monetary policy, as a single central bank manages the currency for all member countries. A sound fiscal situation, stable exchange rates, democratic nature, and price stability may be desirable for the success of the common currency, but they are not specifically required for its establishment.

The Member Countries of BERPHO,a Regional Free Trade Area Wanted