please help me 6 and 7. Thank you 6) Several countries have opted to join currency unions. Examples include those in the euro area, the CFA franc union in West Africa, and the Caribbean currency union. This involves sacrificing the domestic currency in favor of using a single currency unit in multiple countries. Assuming that once a country joins a currency union, it will not leave, do these countries face the policy trilemma discussed in the text? Explain.   7) During the Great Depression, the United States remained on the international gold standard longer than other countries. This effectively meant that the United States was committed to maintaining a fixed exchange rate at the onset of the Great Depression. The U.S. dollar was pegged to the value of gold along with other major currencies, including the British pound, French franc, and so on. Many researchers have blamed the severity of the Great Depression on the Federal Reserve and its failure to react to economic conditions in 1929 and 1930. Discusshow the policy trilemma applies to this situation.

ECON MACRO
5th Edition
ISBN:9781337000529
Author:William A. McEachern
Publisher:William A. McEachern
Chapter18: International Finance
Section: Chapter Questions
Problem 1.2P
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please help me 6 and 7. Thank you
6) Several countries have opted to join currency unions. Examples include those in the euro area, the CFA franc union in West Africa, and the Caribbean currency union. This involves sacrificing the domestic currency in favor of using a single currency unit in multiple countries. Assuming that once a country joins a currency union, it will not leave, do these countries face the policy trilemma discussed in the text? Explain.
 
7) During the Great Depression, the United States remained on the international gold standard longer than other countries. This effectively meant that the United States was committed to maintaining a fixed exchange rate at the onset of the Great Depression. The U.S. dollar was pegged to the value of gold along with other major currencies, including the British pound, French franc, and so on. Many researchers have blamed the severity of the Great Depression on the Federal Reserve and its failure to react to economic conditions in 1929 and 1930. Discuss
how the policy trilemma applies to this situation.
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