1A currency used by all the members of an economic federation.
- Professor Robert Mundell, a Canadian economist famous for his work on single currencies, has long maintained that a currency union needs a high degree of political union to work successfully.
- Colin also says ‘single currencies’ only work where there is ‘free movement of labour.’
- How irrevocable is a single currency if members have sovereign parliaments and can leave?
1.1 (also single European currency) The currency (the euro) which replaced the national currencies of twelve member states of the European Union in 2002.
- The third stage involved the irrevocable fixing of exchange rates and the replacement of national currencies by a single European currency.
- We should only be part of the single currency if the economic conditions are met.
- The vast majority of the British population instinctively opposes the single currency.
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