De facto currency April 2009. Both South African rand and Botswana pula circulate in Zimbabwe. The small French island of St. Pierre and Miquelon has the Canadian dollar as its de facto currency. Hong Kong Dollar is widely accepted in Macau, even though it hasn't gained any official recognition from Autoridade Monetária de Macau (AMCM) as legal tender in Macau. Currently, Macauese Pacata is pegged to Hong Kong Dollar at 1.029(buy)/1.032(sell). However, many merchants who accept Hong Kong Dollars may now offer to pay the difference between 2 currencies, such practice is often called '不补水' in Chinese. If merchandise priced in Patacas is
Optimum currency area rationale behind the creation of the euro is that the individual countries of Europe do not each form an optimal currency area, but that Europe as a whole does. The creation of the euro is often cited because it provides the most modern and largest-scale case study of an attempt to identify an optimum currency area, and provides a comparative before-and-after model by which to test the principles of the theory. In theory, an optimal currency area could also be smaller than a country. Some economists have argued that the United States, for example, has some regions that do not