It is possible a dollarization of the Americas?

The implementation of the dollar as a national currency in several countries in the Americas is considered. It is also examined whether American countries can create a functional currency area similar to the European Monetary Union. To answer this question we compare countries in the region according to economic criteria of OCA theory. First part of the work characterizes the current U.S. monetary system and the theory of optimum currency areas. Second part analyzes the possibility of establishing monetary union on the American continent, its potential impacts on economies of chosen countries, and current attempts at dollarization in Latin America. In the concluding part positives and negatives of dollarization are summarized and it is discussed whether countries of Latin America are prepared for this step.