To answer this question, it would be useful to start by discussing the fundamental theory of such a union, before continuing to discuss the costs and benefits of being in such a union. This will be the crux of our answer to the question, since countries are assumed to be rational actors that would act only if the benefits of joining an EMU outweighed the costs. Throughout the essay, many examples will be drawn from the EU, which is the best working example of such a union.
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