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There seem to be many benefits to adopting a common currency (lower interest rates, more stable prices, and more trade). The main disadvantage, according to this video, is lack of independent monetary policy and, in turn, the main disadvantage of lack of independent monetary policy stems from emotionally and psychologically driven nominal wage stickiness. Does that suggest, then, that one way to get all the benefits of a common currency without the downsides is to implement labor market reforms that make it more difficult for workers to resist nominal wage cuts? For example, can strong labor unions decrease social welfare by making it more difficult to adopt a common currency? Have Equador and other countries that have successfully adopted common currencies implemented labor market reforms that have made it easier to function without their own independent monetary policy? Are there labor market reforms that Europe has *not* adopted that, if they were to adopt them, would make nominal wages less sticky and, thus, increase the chances of the Eurozone's success?