Abstract

HURTADO BRICENO, ALBERTO JOSÉ; ZERPA DE HURTADO, SADCIDI  and  MORA MORA, JOSE U.. Theoretical Approaches on Monetary Unification in Mercosur and Lessons Derived from the Experience of the European Union. rev. econ. Caribe [online]. 2019, n.23, pp.84-97. ISSN 2011-2106.

Monetary integration corresponds to the process by which a set of previously integrated countries adopt a common currency. Since 1987, prior to the creation of the Southern Common Market (MERCOSUR), there has been a need to move forward with agreements that will allow monetary unification in this region. Different theoretical approaches have been suggested about how to achieve it. In this sense, the aim of this article is to broaden the theoretical contributions made on the subject and to contribute to the debate on the alternatives to follow for the construction of the single currency in the South American common market. A review of the literature on the origin and theoretical approaches proposed to the monetary integration of MERCOSUR is carried out and the lessons that European integration has left to the South American regional agreement are analyzed.

JEL: F15, F33, F36, F41

Keywords : Monetary integration; structural approach; monetary approach; MERCOSUR; European monetary union.

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