Economics, Econometrics and Finance
7 years ago

Historical monetary unions warn: European Union must unite or face collapse.

2 views
International Economics and Economic Policy
Lessons from historical monetary unions - is the European monetary union making the same mistakes?
John Ryan, John Loughlin

Paper Summary

The article looks at past monetary unions to see if the European one is making similar mistakes. None of the historical unions were perfect, just like the European one. To survive tough times, a monetary union needs strong institutions like a common central bank and unified fiscal policy. The historical unions failed during WWI because they lacked these. Also, national rivalries can mess up any monetary union.

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