When a high degree of currency substitution exists,to prevent currencies from becoming too variable,countries need international coordination of monetary policy.

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When a high degree of currency substitution exists, the exchange rate of a country's currency becomes highly dependent on the monetary policy of other countries. Therefore, to prevent currencies from becoming too variable and destabilizing the economy, there needs to be international coordination of monetary policy. This coordination could ensure that countries with highly substitutable currencies have similar monetary policies to avoid significant fluctuations in exchange rates.

When a High Degree of Currency Substitution Exists,to Prevent Currencies