The Eurosystem expressed reservations regarding the first and third options. It was felt that the first option – the “replacement strategy” – would lead to a situation where Visa Europe and MasterCard progressively became the sole providers of card payment services offered by banks in the euro area.
The full potential of a common currency can only be realized in so far as respective economies tackle structural problems in the process of achieving a monetary union. 2  BIS Review 67/2004  Asian economies would experience significant dislocations if they were to form a monetary union without disciplined economic policies.