Question: 1. Explain the differences between a target zone agreement and a fixed exchange rate and between a target zone agreement and a monetary union.Give an

1. Explain the differences between a target zone agreement and a fixed exchange rate and between a target zone agreement and a monetary union.Give an example of a target zone agreement, briefly explain how it ended, and why it is pretty frequent for these arrangements to fail?

2.Explain how a country can join the European Monetary Union. After that explain how monetary policy is run in this currency area.

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