The theory of optimum currency areas says, in brief, that countries face a tradeoff between convenience and adjustment.

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There are ways to mitigate imbalances within big currency areas.

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The whole field is the study of optimum currency areas.

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In fact they tend to hit regions that lie within such areas (as when cheap oil hurts Texas and helps Massachusetts) or else straddle the borders between currency areas.

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Mundell, it appears, has in mind an elaborate and carefully orchestrated evolutionary process, beginning with his signature Optimal Currency Areas (OCA) that he believes will lead the world back to hard money or its near equivalent through an evolutionary political process.

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So, to be an optimal currency area it is necessary that interest rates, as determined by the Taylor Rule, are desirably the same in all areas of that currency zone.

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The company reduced costs by 3%, excluding the impacts of currency, particularly in its research and development areas.

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The combination ticks every box, bringing a presence in key markets for Chinese clients and exposure to a sophisticated foreign firm with skills in areas like investment banking and foreign-currency funding.

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Although the firm trades in more than a hundred markets, it is widely believed that the great bulk of its profit comes from two areas in which Dalio is an expert: the bond and currency markets of major industrial countries.

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The Office of the Comptroller of the Currency, which oversees national banks and thrifts, said that banks that operate in areas affected by the storm have the discretion to close.

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The prime minister said there was "no doubt" the eurozone would have to work more closely together on banking supervision and in other areas in future as "we know that it is necessary for the single currency to deal with these issues so it can work properly in the future".

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