By John F Chown
EMU could be trumpeted because the nice fiscal test in financial union, yet as John Chown indicates during this tremendous ebook, there were many different examples of economic unions through the years - a few winning, others now not so. during this entire historic review, the writer writes approximately financial unions with an admirable completeness and covers such issues as: the top-rated, financial unions in nations and parts from Latin the USA 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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Types of ‘fixed’ monetary arrangement 19 Problems with rates There is a risk of catching the ‘diseases of the anchor currency’, particularly serious if this is of a country with which there is no close trading relationship. It may not form part of an ‘optimum currency area’, as Hong Kong’s break with a sterling link in 1974, followed by the introduction of a dollarbased currency board in 1983, illustrates. It is also technically very difficult to fix an exchange rate at precisely the level which produces a purchasing power equilibrium.
The second example dates from around 404 BC, when seven states on the western coast of what is now Turkey agreed to mint a common currency. The obverse of these coins was identical, ‘an image of the baby Heracles strangling a snake, with the first three letters of the Greek word for alliance’. The reverses, though, had a distinctive national symbol, a rose at Rhodes, Aphrodite at Knidos, a lion scalp at Samos, a bee at Ephesus and a lion and tuna fish at Cyzicus (this precedent was followed in Austria-Hungary, and in the British colonies and with the euro coins – but not banknotes).
A question long since answered, and he expressed his doubts about the Canadian ‘experiment’ with floating, which has so far survived the article by forty years. 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.
A History of Monetary Unions by John F Chown