The decision by a nation to join a currency union is based on:

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The decision to join a currency union is primarily based on the costs and benefits of abandoning a national currency and adopting a common currency. Other factors such as GDP, industry diversification, and currency management costs may also be considered, but the trade-offs between giving up monetary autonomy and reaping the benefits of reduced transaction costs and increased trade within a common currency area are the most significant factors.

The Decision by a Nation to Join a Currency Union