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1999年，欧洲央行与经济货币联盟（欧洲货币联盟）推出了单一货币（欧元）。欧元货币联盟是建立在欧元作为一种共同货币的基础上的。欧洲央行监督共同货币政策的实施。在2002年初，欧元取代了12个成员国的所有交易的国家货币。瑞典、丹麦和英国加入欧洲联盟，但没有加入欧元区。在2004年，有十个新成员国加入了欧盟，其中五个加入了欧元区。

Robert Mundell described the Bretton Woods System as Hamlet without the Prince due to the lack of a unified currency in the form of a monetary union expressed as Bancor or Unitas. Given the experience of EMU, does this analysis still hold theoretically and/or empirically? Discuss.

Introduction of EMU 欧元区的介绍
In 1999, the European Central Bank (ECB) launched the single currency (euro) together with the foundation of the Economic and Monetary Union (EMU). The EMU is based on the existence of the euro as a common currency. The ECB supervises the implementation of a common monetary policy. At the beginning of 2002, euro replaced the national currencies of 12 member countries for all transactions. Sweden, Denmark, and the United Kingdom joined European Union (EU) but did not join the euro. In 2004, there were ten new member countries joined the EU, five of them joined the euro.

The prior monetary unions are unsuccessful as they rested on the value of metals (i.e. gold or silver). The money printed should be determined by the silver of gold stored, therefore the Metallism monetary system is a stable system since silver and gold are scarce resources.

The EMU rests on the euro or chartalism, as fiat money which is issued by a central national bank. The credit level of the issuing body is important to determine the value and stability of the fiat money. The stability of the country in terms of economic and political will in turn determine the credit level. However, when the treasury is unable to Finance the deficit, fiat monies can become unstable due to the temptation of the inflationary tax or seigniorage. In order to achieve and sustain the stability, the EMU needs an economic union and a monetary union. Economic union is achieved by complying with the Stability and Growth Pact (SGP). The goal of SGP is to maintain fiscal stability through implementation of specific fiscal requirements among member states of EMU.

The strength of the Eurozone rests completely on the credibility of the requirements set when the EMU was being implemented and the ECB was established. However, if member states are not respect or follow the set requirements, the credibility level of Eurozone will be affected and as a result negatively affect the euro.

Mundell's Theories 蒙代尔的理论
The original idea of a common currency in Europe was derived from the theory of Robert Mundell on the areas of optimal currency. In his paper 'A plan for a European Currency' in 1973, Mundell clarified the gains of European countries if they adopt a common currency. The works of Mundell have been classified into two categories by Ronald McKinnon (2004).

Mundell I
In 1961, Mundell published his paper entitled 'A Theory of Optimal Currency Areas' which is rooted in Keynesian ideas. The theory of Optimum Currency Areas (OCAs) studies how countries with a monetary union and common currency adjust, if these countries are affected by asymmetric economic shocks. Mundell point out that adjustments are based on whether wages are rigid, la