However up to today, 17 countries use the euro as their currency. According to (Matt Rosenberg, 2011), the countries are Andorra, Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Ireland, Italy, Kosovo, Luxembourg, Malta ,Monaco , Montenegro , Netherlands, Portugal, San Marino, Slovakia, Slovenia, Spain and Vatican city. Lithonia and Latvia are in the process of transforming themselves into euro zones. The special drawing rights allows for countries to exchange their rights with another country that also has rights for a currency that can be freely transferred in this case the euro.
The euro has benefited the European countries using it. It has made tremendous changes in trade by reducing transaction costs. This is because currency exchange fees are waived off since no such exchange is needed. Comparison of prices of commodities throughout the region is now easier hence leading to healthy competition. The euro has also increased in stability hence it has stimulated growth in the countries using it. The stable environment is also conducive for investment opportunities, (Amity Stauffer, 2011)
In conclusion the proposed monetary union of North America is likely to bring more benefits to the states joining it. Increased trade, ease of comparison of prices, stability of the currency and block leading to more investments, waive ring off of exchange fees which are incur when transacting and other indirect benefits brought about by above factors are among the major advantages that the countries would get when they adopt the Amero. The major disadvantage of the union would be loss of sovereignty of countries which for now enjoy being on the first world. All the same, the idea of forming the union is great and is highly welcome since it would bring more benefit to the member countries.