We give a review and some new relations on the structure of the monodromy algebra (also called loop algebra) associated with a quasitriangular Hopf algebra H. It is shown that as an algebra it coincides with the so-called braided group constructed by S. Majid on the dual of H. Gauge transformations act on monodromy algebras via the coadjoint action. Applying a result of Majid, the resulting crossed product is isomorphic to the Drinfeld double D(H). Hence, under the so-called factorizability condition given by N. Reshetikhin and M. Semenov-Tian-Shansky, both algebras are isomorphic to the algebraic tensor product H x H. It is indicated that in this way the results of Alekseev et al. on lattice current algebras are consistent with the theory ...