Part I: Many European countries have adopted the same currency, called the Euro. When countries adopt the same currency and have the same monetary policy, it is called a monetary union. What are the differences between a monetary union, a customs union, and a common market?

Part II: What is the Free Trade Agreement of the Americas? Most arguments for or against the FTAA are based on the success and/or failure of the NAFTA agreement. Based on your research of these two agreements, do you think the FTAA should be established? Why or why not? Defend your answer.

Adhere to APA formatting and reference guidelines when writing your response. Additionally, your response should be free of grammatical errors, use complete sentences, and give specific details to support statement.