Tuesday, June 14, 2016
European Monetary Union (EMU) is the most ambitious project undertaken in monetary history. Launched in 1999, it now comprises nineteen members. It was, and is, a great economic and political experiment. No monetary union has survived unless it has also developed into a political union, and the latter usually came before the former, as when a single currency followed the unification of Germany under Bismarck. EMU has not proved to be an easy marriage, with the enterprise trying to navigate a safe passage between the Scylla of political ideals and the Charybdis of economic arithmetic.
-Mervyn King, The End of Alchemy: Money, Banking, and the Future of the Global Economy