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By John F Chown
EMU may be trumpeted because the nice financial test in financial union, yet as John Chown exhibits during this exceptional booklet, there were many different examples of financial unions through the years - a few winning, others now not so. during this finished old review, the writer writes approximately financial unions with an admirable completeness and covers such issues as: the top-rated, financial unions in international locations and components from Latin the US to The British Empire to Japan and Korea with many in among, the EMU and its coverage ramifications and the CFA Franc quarter within the former French colonies.
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Additional resources for A History of Monetary Unions
Silver coins would have been far too heavy for large but still everyday transactions, while even the smallest practical silver coins did not meet the need for small change. To us, an obvious solution would be the creation of low-value token coins in base metal, but some countries, including the UK, regarded it beneath their dignity to issue such coins, while the French populace had a deep and under- The Napoleonic Wars and after 43 standable distrust of any money not represented by full value metal.
His main example makes the implicit assumption that there is a simple trade-off between inflation and unemployment, a view long since discredited as an over-simplification. Against this, he was well ahead of his time in his comments on the Common Market, a subject on which he still expresses strong views. e. that the then Six, now the core countries, were (in 1961) not an optimal currency area, he adds (this time citing Tibor Scitovsky) that a common currency could actually help create labour mobility and the other conditions needed for one to emerge.
From the moment that the idea of coinage first flickered in that genius’s mind the simple straightforward world of monetary union was doomed’. The Greek city states did not have a common weight standard, and each minted its own coins which were fully accepted only in its own territory and distrusted by traders in other states. This ‘offered lucrative opportunities for the new opportunities for the new profession of money changers’, which charged commissions in the range 6–7 per cent. Meadows goes on to describe some early monetary unions which he classifies into three types, ‘top down’, ‘bottom up’ and ‘consenting’ unions.
A History of Monetary Unions by John F Chown