Problem:
Your firm is expanding into Europe and your department head has asked you to put together a report on Monetary Unions in general, discussing the advantages and disadvantages relative to a nation maintaining its own individual currency. Then discuss the EMU and euro in detail, including its history, the countries involved, its implementation, and how it has functioned over the last decade, noting any issues that had to be overcome. How did the International Monetary Fund (IMF) reassign the Special Drawing Rights (SDR) as a result of changing from several European currencies to the euro? Discuss whether the EMU helped or hindered the development of the European Union? Conclude the report with a brief discussion on the possible advantages and disadvantages of the Amero a possible common currency for Canada, Mexico, and the United States, that has come up in the press from time to time. Discuss why you would favor, or be against, a common currency for North America.