Economic, Monetary and Fiscal Policies
Historical Monetary Unions: Lessons for the current Eurozone Crisis
This chapter examines three historical monetary unions: the Latin Monetary Union (LMU), the Scandinavian Monetary Union (SMU) and the Austro-Hungarian Monetary Union (AHMU), in an attempt to derive possible lessons for the current European Monetary Union (EMU). There are other examples of monetary unions such as those of the United States or Canada, and others in East and West Africa and the Caribbean region. However, the three cases were chosen because they are all in Europe and, at least in some respects, may be seen as pre-cursors of the EMU.
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