Suppose you are advising a small country (such as Bermuda) on whether to print its own money or to use the money of its larger neighbour (such as the United States). What are the costs and benefits of a national money? You could also think of advising a sovereign Quebec, after separation from the rest of Canada. Should a separate Quebec use the Canadian dollar? Should the rest of Canada permit Quebec to use its currency? Does the relative political stability of the two countries have any role in this decision?