Two theories do regard the today international money. The one is called the 'international monetary system (IMS)' one; the other is called the one of 'optimum currency area'. The previous stays more related to the immediate post-war searching for monetary stability, as internationally; the latter...

In 1961, in the earlier stage of the European integration, professor Bela Balassa proposed a five successive phase model. Today, the half century experience on integration and corresponding literature issued lets us see rather two big phases (instead of five). The one would be the incipient...