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What do you understand by the phrase ‘monetary integration?

What do you understand by the phrase ‘monetary integration?

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monetary integration is formed when two or more countries share the same currency. It may not necessarily involve any other kind of economic integration such as common market etc. Monetary integration could occur in several form depending on what the integrated countries agree to. There might be a common monetary authority guiding the monetary exchange amongst these countries which would be called as a formal monetary integration with common monetary policy

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