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In the beginning, we precisely define optimal currency area, and what is qualitative differency between the term Optimum currency area, and terms Currency area and Monetary union, that exists in the major of the European teritorry. In the second part of the paper we discuss major characteristics and assumptions needed to be fullfiled in order for currency area to be at the same time optimum currency area, too. In the third part we discussed deficiency of currecy area vs reasons to join it. Instead of conclusion we present briefly European experience in unique currency, as well as the issue is that particular currency area is at the same time optimum currency area. [ABSTRACT FROM AUTHOR]

Modern financial crisis originated in the U.S. and spread to the entire world and so set great challenges for monetary policy around the world. Central banks around the world have responded decisively imposed unique challenges and timely actions to ensure market liquidity, reduce systemic risks and restore stability in the financial markets. The European Central Bank establishes and implements European monetary policy. In response to the crisis, the ECB not only significantly reduce the official interest rate, but also introduced a package of non-standard measures within the "enhanced credit support" and "Program of the securities market". Overall, the ECB's response to the global financial crisis can be seen through four different stages of the crisis: the period of financial tensions, intensifying financial crisis, the temporary improvement of conditions in the financial markets and the crisis of government debt. [ABSTRACT FROM AUTHOR]