Assuming the validity of the endogeneity hypothesis of the Optimum Currency Area (OCA) theory, with the deepening integration of countries, where so far the highest stage in the EU is the economic and monetary union, the synchronization of business cycles should increase and the frequency of...

There is a lot of effort to create new monetary unions in the world. This paper focuses on the cooperation in the monetary field with a view to a possible monetary union of Gulf Cooperation Council. Some existing and proposed monetary unions are discussed in the paper. The focus is especially on...