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By Patrick M. Crowley

The release of the Euro has already had profound results on either eu economies and societies - however it can also be of massive value for the foreign group as a complete. This well timed e-book, from a suite of key names in eu Integration experiences, is an authoritative piece of labor that's really multi-disciplinary via nature.

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Extra resources for Before and Beyond EMU: Historical Lessons and Future Prospects

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There was a lot of currency inter-circulation and banks accumulated lots of foreign coins. For instance, in the south of Sweden, Danish coins were quite frequently used. However, the complexity and the incompatibility of the denominations and weights between the three currencies pushed the governments to initiate some discussion for currency unification. These discussions started in 1862 and would last ten years. In the meantime, the idea of a universal currency was floated at the Conference Monétaire de Paris (1865), but it remained just an idea.

An earlier draft of this paper was presented at the Third International Conference ‘Institutions in Transition’ organized by the Institute of Macroeconomic Analysis and Development, Maribor, Slovenia, 8–9 October 1999. 2 Denmark, Greece, Sweden and the United Kingdom have not taken part in this first round. Greece, which did not initially meet the Maastricht Treaty criteria (on public finance, inflation and interest rate convergence), adopted the euro on Monetary unions: a historical perspective 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 39 1 January 2001.

As recently as January 1999, Argentina was considering surrendering its currency (the peso), giving up its currency board3 and completely ‘dollarizing’ the economy. Similarly, some prominent Canadian economists have advocated a common currency for North America. The second objective of this paper is to look at two examples of past monetary unions: one successful (the German monetary union), and one that did not persist but was successful while it lasted (the Scandinavian monetary union). In the past, some monetary unions have been successful (lasting or incorporated into an even larger monetary union), while others have collapsed.

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