Monetary union in South America : lessons from EMU pt. 1. Lessons from the Euro and EMU for MERCOSUR pt. 2. MERCOSUR macroeconomic policy co ordination pt. 3. Exchange rate regimes and monetary dilemmas for MERCOSUR This book discusses the future of MERCOSUR focusing on monetary union and macroeconomic policy co ordination and addresses a number of important questions including: is it possible or even desirable to achieve monetary integration; what would the pre conditions be for establishing such a union; what would the convergence criteria be for joining the monetary union; and what are the expected economic consequences for the member countries These questions are all addressed with particular reference to the experience of EMU and the lessons which can be learnt by MERCOSUR countries in terms of the difficult transitions they may have to face