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

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