Share a folder using the groups function

I have just set up a group library and I am wondering whether it is possible for me to synchronize this group library with one of the folders in 'My library'.

What I would like to be able to do, is share a folder from My Library to my colleagues, so that when I update that folder the group library also updates. At the moment I am not sure whether this is possible, but I guess not.

Has anyone else encountered this situation? Do you have any suggestions for how to deal with it?
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