A History of Monetary Unions by John Chown

By John Chown

During this complete ancient evaluate, the writer writes approximately financial Unions with admirable completeness. Written in a readable and stress-free prose, A background of financial Unions combines old research with trendy context.

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Against this, the political and constitutional problems are greater: specifically (as the Austria-Hungary example shows) there is the problem of monitoriting the debt policy of the individual members, and breaking up a formal union, while certainly not impossible, is more painful than opting out of a currency board. The main disadvantages accrue from the loss of monetary sovereignty, and the key issue here is how individual countries within a union can adjust to economic changes and specifically to ‘assymetric shocks’.

The law states that: An annual audit shall take place which shall take no longer than six months to prepare. If anyone is convicted of deliberately mixing the gold too weakly, he is to be punished by death; if he is found guilty of doing it accidentally the court shall decide a fitting penalty for him to suffer or pay. In the latter case the city shall be free from guilt and penalty. The Mityleneans drew by lot the right to strike first. 34 The economics of currency arrangements Burns,7 the classic (but now discredited) source on ancient money, refers to this case and to an inscription (preserved in stone and which he does not quote, but probably this one) which he says probably simply formalised the existing arrangement within the league and that the coins developed into the international currency of the western part of Asia Minor.

This is the main motive in small territories such as the British Channel Islands and many West Indian islands. 15 The first currency boards were set up precisely to avoid this problem. g. because of a local recession following a bad cocoa harvest) could have an adverse effect on the UK monetary system. The West African Currency Board was therefore set up in 1912 to issue coins and notes which would only circulate locally. In 1997 the then new Bosnia Currency Board was described as ‘de-dollarisation’.

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