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among which only six are being commercially used (Table 1)
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Policy Competition and Policy Cooperation in a Monetary Union 124 among which only six areEuropean monetary unification seems to be one of the most important events in international monetary affairs since the breakdown of Bretton Woods. It pos es a major challenge to central banks, governments, and labour unions. It opens up new fields of economic research that are both intriguing and fascinating. European Monetary Union amounts to a switch of regime. Surely the Mundell Fleming model of the open economy does no longer apply to Germany or
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