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How plausible would it have been for Britain, instead of adopting the dominion policy, decided to make some sort of Commonwealth Union after WWI or WWII? Basically something like the EU, between Britain, Canada, Australia, NZ, South Africa, and maybe Singapore and Hong Kong (I don't think they can or should keep India or most of the African colonies). They would share a common currency, and would have free travel and labor laws like the EU. Is this possible, or just a pipe dream? And if it is possible, what sort of role would it play in the Cold War and today?

I'm sorry if this has been done before.
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