Monetary unions in Europe : historical experience
Autor(a) principal: | |
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Data de Publicação: | 1995 |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.5/9395 |
Resumo: | The feasibility of the plans to build an European Monetary Union should be tested against similar processes in the past. However, some doubts may be raised about which are the relevant similar processes in the past. The feasibility of the phase of irrevocably fixed exchange rates calls for comparison with the experience of international monetary systems such as the gold-standard and the gold-exchange standard. This experience shows that irrevocably fixed exchange rates are likely to be revocable whenever national security or any other social goal is considered more important than monetary stability. The feasibiliTy of the phase of replacement of several old national currencies by a new single European currency calls for comparison with the experience of Italian (early 1860s) and German (early 1870s and again 1990) monetary unifications. This experience shows that the only safe way to monetary unification is the quick and once for ever replacement of several old currencies by the new single currency (which may of course be one of the old currencies). |
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Monetary unions in Europe : historical experienceStratégies and PlansEuropean Monetary UnionExchange RatesInternational Monetary ArrangementsEconomic HistoryThe feasibility of the plans to build an European Monetary Union should be tested against similar processes in the past. However, some doubts may be raised about which are the relevant similar processes in the past. The feasibility of the phase of irrevocably fixed exchange rates calls for comparison with the experience of international monetary systems such as the gold-standard and the gold-exchange standard. This experience shows that irrevocably fixed exchange rates are likely to be revocable whenever national security or any other social goal is considered more important than monetary stability. The feasibiliTy of the phase of replacement of several old national currencies by a new single European currency calls for comparison with the experience of Italian (early 1860s) and German (early 1870s and again 1990) monetary unifications. This experience shows that the only safe way to monetary unification is the quick and once for ever replacement of several old currencies by the new single currency (which may of course be one of the old currencies).Instituto Superior de Economia e GestãoRepositório da Universidade de LisboaValério, Nuno2015-10-09T09:52:06Z19951995-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/9395engValério, Nuno .(1995). "Monetary unions in Europe : historical experience". Estudos de Economia, Vol. XV, No. 4: pp. 327-338info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-03-19T01:31:36Zoai:www.repository.utl.pt:10400.5/9395Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T16:56:10.672364Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Monetary unions in Europe : historical experience |
title |
Monetary unions in Europe : historical experience |
spellingShingle |
Monetary unions in Europe : historical experience Valério, Nuno Stratégies and Plans European Monetary Union Exchange Rates International Monetary Arrangements Economic History |
title_short |
Monetary unions in Europe : historical experience |
title_full |
Monetary unions in Europe : historical experience |
title_fullStr |
Monetary unions in Europe : historical experience |
title_full_unstemmed |
Monetary unions in Europe : historical experience |
title_sort |
Monetary unions in Europe : historical experience |
author |
Valério, Nuno |
author_facet |
Valério, Nuno |
author_role |
author |
dc.contributor.none.fl_str_mv |
Repositório da Universidade de Lisboa |
dc.contributor.author.fl_str_mv |
Valério, Nuno |
dc.subject.por.fl_str_mv |
Stratégies and Plans European Monetary Union Exchange Rates International Monetary Arrangements Economic History |
topic |
Stratégies and Plans European Monetary Union Exchange Rates International Monetary Arrangements Economic History |
description |
The feasibility of the plans to build an European Monetary Union should be tested against similar processes in the past. However, some doubts may be raised about which are the relevant similar processes in the past. The feasibility of the phase of irrevocably fixed exchange rates calls for comparison with the experience of international monetary systems such as the gold-standard and the gold-exchange standard. This experience shows that irrevocably fixed exchange rates are likely to be revocable whenever national security or any other social goal is considered more important than monetary stability. The feasibiliTy of the phase of replacement of several old national currencies by a new single European currency calls for comparison with the experience of Italian (early 1860s) and German (early 1870s and again 1990) monetary unifications. This experience shows that the only safe way to monetary unification is the quick and once for ever replacement of several old currencies by the new single currency (which may of course be one of the old currencies). |
publishDate |
1995 |
dc.date.none.fl_str_mv |
1995 1995-01-01T00:00:00Z 2015-10-09T09:52:06Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.5/9395 |
url |
http://hdl.handle.net/10400.5/9395 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
Valério, Nuno .(1995). "Monetary unions in Europe : historical experience". Estudos de Economia, Vol. XV, No. 4: pp. 327-338 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Instituto Superior de Economia e Gestão |
publisher.none.fl_str_mv |
Instituto Superior de Economia e Gestão |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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