This presentation is about the long history of monetary unification in Europe. It recalls the 19th- and 20th-century history of ideas proceeding in that direction, and some of the main experiences of international monetary unification preceding the Euro, distinguishing them from the process of inevitable monetary unification that accompanies national political unification. The history of the Latin Monetary Union of 1865-1926 is the main precedent used to draw parallels with the experience of the Euro. It shows that both in the LMU and EMU the rules conceived initially to guarantee the stability of the union proved insufficient and that they had to be changed while the game was being played, encountering substantial difficulties.

Luca Einaudi is a Research Fellow at The Joint Center for History and Economics in 2010, and author of Money and Politics: European Monetary Unification and the International Gold Standard (1865-1873) (Oxford, OUP, 2001) and Le politiche dell’immigrazione in Italia dall’Unità ad oggi (Rome-Bari, Laterza, 2007). He is the co-editor with Riccardo Faucci and Roberto Marchionatti of Luigi Einaudi, Selected Economic Essays (Basingstoke-New York, Palgrave Macmillan, 2006).


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