benefits of monetary union

Scandinavian Monetary Union was created in 1873.

European Monetary Union, with the Euro being used as the currency for 17 of the 27 countries that are part of the European Union.

All members of the EU are part of the Economic and Monetary Union of the European Union. The EMU aims at converging all the economies of the EU with the use of a universal currency: the Euro.

Monetary Union is where 2 or more countries, using different currencies merge their currencies. They may create a new currency, as they did in 1999 with the creation of the Euro.