The euro and Latin America

Lorenzo Bini Smaghi, a member of the executive board of the European Central Bank, offered five lessons that can be learned from economic and monetary union in a recent speech in Brazil.

The first lesson is the importance for an economy like the euro area of having its own monetary policy, he said. "This seems self-evident, but it is not always the case. We currently see around the world many important countries and economies that have actually chosen not to have their own monetary policy," he

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