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okay hi there and uh welcome to a macro revision video and in this one were going to keep it nice and simple were taking the topic of the single currency the euro and thinking about five advantages and five disadvantages for a country joining the single currency and well bring people up to date with the latest figures for some other key countries so what is a monetary union well it is a deeper form of economic integration between nations a deeper form than for example a single market it involves countries such as spain and italy holland and germany transferring their monetary policy to the european central bank the ecb and of course sharing a common or single currency the central bank then sets monetary policy interest rates for the whole of the currency block as many countries as are inside it and theres also a common inflation target to meet single currency is 20 years old in 1999 it came into common circulation a little later in january of 2002 and at the time of recording no co