Currency union

The fragmented states of the German Confederation agreed on common policies to increase trade and political unity.

The Latin Monetary Union, comprising France, Belgium, Italy, Switzerland, and Greece, existed between 1865 and 1927, with coinage made of gold and silver.

The Scandinavian Monetary Union, comprising Sweden, Denmark, and Norway, existed between 1873 and 1905 and used a currency based on gold.

[7] A currency union among the British colonies and protectorates in Southeast Asia, namely the Federation of Malaya, North Borneo, Sarawak, Singapore and Brunei was established in 1952.

Zimbabwe is theoretically in a currency union with four blocs as the South African rand, Botswana pula, British pound and US dollar freely circulate.

The other members of the European Union are required to adopt the euro as their currency (except for Denmark, which has been given the right to opt out), but there has not been a specific date set.

The main independent institution responsible for stability of the euro is the European Central Bank (ECB).

The Eurosystem groups together the ECB and the national central banks (NCBs) of the Member States whose currency is the euro.