If the monetary system reflects what the peoples of those nations want, what they do, and what they are, then it will be crucial to monetary union that the individual participating countries also want and do the same things; in other words, that they attach largely identical aims and expectations to the single currency and also act accordingly -- at least in terms of their basic stance.
Of the various efforts to improve market infrastructure, let me mention the study called the “Fisher II” project, being undertaken by the Multi-disciplinary Working Group on Enhanced Disclosure, chaired by Mr Peter Fisher of the Federal Reserve Bank of New York.