Suppose that Australia and New Zealand have agreed to create a currency union with a new single currency called ANZAC (and sacrificetheir own...

Suppose that Australia and New Zealand have agreed to create a currency union with a new single currency called ANZAC (and sacrifice their own domestic currency). Assuming that this decision is irreversible, discuss the policy implications. You may discuss from a single country's point of view(either Australia or New Zealand). You must also address briefly any social and/or cultural factors and their implications.