Data di Pubblicazione:
2014
Citazione:
Il trattato sull'Unione monetaria latina del 1865, un monito per la moneta unica / G. Peroni. - In: RIVISTA DI STUDI POLITICI INTERNAZIONALI. - ISSN 0035-6611. - 81:3(2014 Oct), pp. 367-376.
Abstract:
On December 23, 1865, four European countries (France, Belgium, Italy, and Switzerland) signed
the Latin Monetary Union Treaty (Lmu), establishing a particular mechanism making their
national currencies freely interchangeable. The Lmu, later enlarged to other European States like
Greece and Spain, represents one of the most important and interesting European attempts to
realize an integrated monetary area without substituting a single currency for national currencies.
In particular, it was clear to the policy makers of the time that to develop trade traffic and to
increase the wealth of Europeans a form of monetary integration was necessary.However, the Lmu failed for different reasons. First of all, the Pontifical State and Greece, owing
to their chronically economic weakness, were not able to satisfy the economic rules at the basis of
the Latin Monetary Union. These States responded to their internal economic problems by
decreasing the amount of gold in their coins, thereby devaluating their currency with reference to
the currencies of the other nations, with a clear breach of Lmu provisions and were formally
expelled. Secondly, the Lmu was lacking in institutions looking after the functioning of the treaty.
The euro crisis seems to present interesting points of contact with the collapse of Lmu. In this
paper theAuthor intends to put emphasis on the elements of similarity between the two monetary
unions and their crisis, particularly underling that both phenomena entered into crisis owing to the
lack of an effective unification of national economic policies.
The history of different forms ofmonetary union, at European and extra European level, shows that a single currency or other form of monetary cooperation are unable to work correctly if there is not a corresponding transfer of economic competences from the national to a supranational level.
Tipologia IRIS:
01 - Articolo su periodico
Keywords:
Unione monetaria europea ; Crisi dell’euro ; Banca centrale europea ; Unione europea ; Eurozona
Elenco autori:
G. Peroni
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