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A diverse group of experts on international monetary policy examines the basic conceptual issues of currency unions and other monetary regimes, including flexible and fixed exchange rates; assesses the available empirical evidence on the performance of these alternative monetary systems; and draws policy conclusions on the desirability of currency unions for countries in various circumstances. Contributors: Alberto Alesina. Robert J. Barro, Eduardo Borensztein, Christian Broda, Guillermo A. Calvo, Felipe Cespedes, Roberto Chang, Charles Engel, Stanley Fischer, Jeffrey A. Frankel, Maurice Obstfeld, Carmen M. Reinhart, Kenneth Rogoff, Andrew Rose, Andres Velasco, Jeromin Zettelmeyer