The European Union is the largest single currency region since the Roman Empire. Over a period of 3 years, starting from Jan 1999, all financial transactions in the Euro area were systematically converted into a single currency regime. It began with financial institutions converting all their transactions and ended with all currency notes and coins being converted into the Euro. The earliest Euro-land that was envisaged in 1999 contained close to 300 million people and accounted for about 15pc of the world�s GDP then. Although, the EMU (European Economic and Monetary Union), got off to a shaky start with the failure of the Exchange rate Mechanism (ERM) of the European Monetary system, the supporters of the EMU argued that the advantages of a common currency would benefit both businesses and consumers alike. However, it is key for a monetary policy to succeed that the region that it is adopted for be uniform in characteristics. Ever since its inception there have been doubts over the possibility of running a unified monetary policy in the wake of a combined European union. The sust......

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