In the fledgling United States, the desire to strengthen the central government was a principal reason behind Alexander Hamilton’s advocacy of a common currency and common national debt.
7  On the other hand, recent research has pointed out the interesting possibility that the formation of a currency union, by promoting trade and economic integration among its members, may lead the criteria for an optimum currency area among the participating countries to be satisfied after the fact even if not before (Frankel and Rose, 2002).