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  1. According to Cohen, what are the variables that determine states’ decisions about their relationships to the international monetary system? Which do you think matter most?
  2. How does McNamara explain the European states’ movement towards monetary union?
  3. Why do you think the Euro states sacrificed the benefits of national currencies to adopt the Euro? Why didn’t they just all fix their currencies to a common peg and eliminate capital controls? Why did they go the extra step of adopting a single currency?
  4. Combining Cohen & McNamara, do you think we will see more currency unions in the future? Will we have more currencies or fewer?

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