Table of Contents -- A. Introduction -- B. Background -- The Problem -- The European Example -- The Gulf Cooperation Council -- African Unions -- C. Methodology to Set Conversion Values -- Step One - Identifying periods of equilibrium -- Step Two - Measuring real exchange rate misalignments -- Step Three - Adjustments to conversion rates -- D. Application to the GCC Countries -- Background: Approach of Kamar and Ben Naceur -- Step One: The REER equilibrium approach to determine the equilibrium year -- Step Two: The bilateral RER misalignment between each GCC currency and the US dollar forecasted until 2013 -- Step Three: Identifying the new conversion rates -- E. Application to Other Currency Unions -- F. Conclusions -- G. Appendices -- 1: Setting the Rates for Conversion into the Euro -- 2: The Macro-Indicators Approach Applied to GCC Countries -- 3: Overview of CGER Exchange Rate Assessment Methodologies -- 4: CGER assessments of selected GCC exchange rates in recent years: -- 5: RER Behavior Determinants -- 6: Unit Root Tests for the Real Effective Exchange Rate (REER) Model -- 7: OLS Estimations of the Short-run Determinants of the REER (Error- Correction Model) -- 8: Unit Root Tests for the Bilateral Real Exchange Rate (RER) Model -- 9: OLS Estimations of the Short-run Determinants of the RER (Error- Correction Model) -- H. References.