The only difference, however, is that this group always had a common monetary institution and carried on with this structure at Independence. The move from a national monetary authority to a regional structure is a bigger monetary challenge.
Let’s recall that the Western European Monetary Union stalled on the monetary policy hurdle in the 1970s and only overcame the hurdle when, in the 1990s, most but not all of the EU members accepted the loss of sovereignty inherent in the common central bank. Even now, Denmark, Sweden and the United Kingdom remain outside of the Euro zone.