 Various forms of monetary co-operations exist, which range from fixed parity systems to monetary unions.Also, numerous institutions have been established to enforce monetary co-operation and to stabilise exchange rates, including the European Monetary Cooperation Fund (EMCF) in 1973 and the International Monetary Fund (IMF)

Monetary co-operation is closely related to economic integration, and are often considered to be reinforcing processes.However, economic integration is an economic arrangement between different regions, marked by the reduction or elimination of trade barriers and the coordination of monetary and fiscal policies, whereas monetary co-operation is focussed on currency linkages.