The aggregation of the multiple regional and bilateral treaties into larger mega-blocks may become the key trend in economic integration in the coming years as the “spaghetti bowl” legacy of the past several decades of the emergence of hundreds of regional and bilateral agreements may be increasingly giving way to a more orderly pattern of pan-continental and trans-continental ...
... reserve currency”. To put things into perspective a comparison with the most widely discussed monetary union would seem only appropriate. The Eurozone. According to the classifications a monetary and fiscal union is the last stage before complete economic integration - which inevitably implies the total harmonisation of the economic, monetary, fiscal and trade policy of all of the member states. However the on-going eurozone crisis has made many doubt the effectiveness of the union. Taking this ...