The most well-known example of a currency union is the Eurozone, which consists of 19 European countries that use the euro as their currency. Other examples of currency unions include the Eastern Caribbean dollar (used by several Caribbean countries), the CFA franc (used by several African countries), and the West African CFA franc (used by several West African countries). Currency unions can facilitate trade and investment within the union, but they also limit the ability of individual countries to set their own monetary policy.