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- Prerequisites for creating a monetary union in UNASUR
Prerequisites for creating a monetary union in UNASUR
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In view of the creation of the Union of South American Nations (UNASUR) and the Banco del Sur, this book analyses whether the UNASUR members fulfil the preconditions to form a stable monetary union. Based on a model developed by Bayoumi and Eichengreen, it constructs an optimum currency area (OCA) index vis-à-vis Brazil. In comparison to the European Monetary Union, it then assesses which countries of UNASUR have been converging towards a South American monetary union to draw implications for policy making.
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