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

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 uniondiffers from an economic and monetary union, where it is not just currency but also economic policy that ispooled or coordinated by a region. This paper will look into the EURO currency based currency union to seewhether it really improves the member countries economic performance or not, which might be the motivationfor Muslim countries to organize a currency union for their growth. To do this research, the economic data arecollected from the World Bank Development Indicators database.