By John F Chown
EMU could be trumpeted because the nice monetary scan in financial union, yet as John Chown exhibits during this marvelous e-book, there were many different examples of economic unions through the years - a few profitable, others now not so. during this entire old review, the writer writes approximately financial unions with an admirable completeness and covers such issues as: the top-quality, financial unions in nations and parts from Latin the United States to The British Empire to Japan and Korea with many in among, the EMU and its coverage ramifications and the CFA Franc region within the former French colonies.
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Additional info for A History of Monetary Unions
As such a measure will only affect owners of a certain kind of wealth, corresponding action will generally be taken on bank accounts, private debts, government and other securities and insurance policies. Owners of land and other visible assets can be dealt with fairly easily, but owners of gold, and foreign assets (including currency and overseas bank accounts) and hoarders of foodstuffs or commodities may escape. A currency exchange may be designed to bring ‘black’ money into the open. Notes are declared obsolete and no longer legal tender, and are called in to be replaced.
Residual controls, so long as they continued, made it easier for various forms of quasi-fixed exchange rate arrangements, such as Bretton Woods, to continue, but when they were eventually abolished it soon became clear that ‘soft’ fixed but moveable exchange rates were almost impossible to sustain, and that ‘hard’ forms, including monetary unions, were the only real alternative to floating rates. A classic analysis of exchange controls Much has been written about theory and practice of exchange control but possibly the best account is still the classic work by Howard Ellis,1 substantially completed before the outbreak of war in 1939, and which discusses controls in Austria, Germany and Hungary.
Earlier history The early history of the ratio was discussed in Chown 1994, ch. 2,2 followed by more detail on the early history of the UK coinage, including the Henry VIII debasement. A more recent book, specifically on bimetallism, by Professor Angela Redish,3 also covers this period and specifically includes more information than my own book on what had been happening in France. ’ As I did not discuss these, they are worth a brief summary here by way of background to subsequent developments.