 A monetary union is considered to be the crowning step of a process of monetary co-operation and economic integration.In the form of monetary co-operation where two or more countries engage in a mutually beneficial exchange, capital among the countries involved is free to move, in contrast to capital controls.Monetary co-operation is considered to promote balanced economic growth and monetary stability, but can also work counter-effectively if the member countries have (strongly) differing levels of economic development.