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The analysis deals with the conditions under which coordination is attractive to acountry in the flexible exchange-rate system. In particular, great weight is attached tothe design of a common policy-decision council. The starting point is the Barro-Gordon aproach, which is extended to address a regime of flexible exchange rates.For this purpose, the monetary transmission process the Lucas-type supply curve is modified. The welfare criterion of the analysis is the expected loss. Loses ariseowing to output-supply shocks and nominal-exchange-rate shocks. In the study, twotypes of coordinated equilibria and the Nash equilibrium are addressed. The resultsdepend on the relative sizes of the countries and their importance in the policy-coordination process. In addition, the degree of labour mobility affects the results.JEL classification: E52, E58, E61, F33