EURO Based Currency Union: Motivation for Muslim Countries’ Economic Growth

  •  Mohammad Naveed Ahmed    
  •  Kanya Hemman    


In economics, a monetary union is a situation where several countries have agreed to share a single currency
(also known as a unitary or common currency) among them, for example, the EURO currency. A currency union
differs from an economic and monetary union, where it is not just currency but also economic policy that is
pooled or coordinated by a region. This paper will look into the EURO currency based currency union to see
whether it really improves the member countries economic performance or not, which might be the motivation
for Muslim countries to organize a currency union for their growth. To do this research, the economic data are
collected from the World Bank Development Indicators database.

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