However, a currency union it is argued, could help make the shocks affecting member countries more symmetric in the future and might also expand intra-regional trade. These arguments are not different from the observations made by theorists, when the European Common Market was born. It was felt that common currency arrangements would by themselves reduce dissimilarities among member countries.
However, it should be noted that the EU member countries did not plunge into a currency union arrangement, as they were aware of the pitfalls and insisted on fulfilling the convergence criteria contained in the Maastricht Treaty of 1991 and the requirements under the Growth and Stability Pact of 1996.