{"id":29862,"date":"2018-01-18T08:17:52","date_gmt":"2018-01-18T13:17:52","guid":{"rendered":"http:\/\/olduvai.ca\/?p=29862"},"modified":"2018-01-18T08:17:52","modified_gmt":"2018-01-18T13:17:52","slug":"euro-a-disaster-failed-monetary-unions-past-and-present","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=29862","title":{"rendered":"Euro \u2013 a disaster \u2013 failed monetary unions past and present"},"content":{"rendered":"<header class=\"entry-header row \">\n<div class=\"entry-title link-disable\">\n<h3><a href=\"https:\/\/gefira.org\/en\/2018\/01\/17\/euro-a-disaster-failed-monetary-unions-past-and-present\/\">Euro \u2013 a disaster \u2013 failed monetary unions past and present<\/a><\/h3>\n<\/div>\n<\/header>\n<div class=\"entry-content\">\n<div class=\"popup-gallery\"><a class=\"post-images\" title=\"Source: shutterstock.com\" href=\"https:\/\/gefira.org\/wp-content\/uploads\/2017\/05\/Euro-coin.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"attachment-thumbnail size-thumbnail wp-post-image\" src=\"https:\/\/gefira.org\/wp-content\/uploads\/2017\/05\/Euro-coin-150x150.jpg\" sizes=\"auto, (max-width: 150px) 100vw, 150px\" srcset=\"https:\/\/gefira.org\/wp-content\/uploads\/2017\/05\/Euro-coin-150x150.jpg 150w, https:\/\/gefira.org\/wp-content\/uploads\/2017\/05\/Euro-coin-300x300.jpg 300w, https:\/\/gefira.org\/wp-content\/uploads\/2017\/05\/Euro-coin-1024x1024.jpg 1024w\" alt=\"Source: shutterstock.com\" width=\"150\" height=\"150\" \/><\/a><\/div>\n<p><strong>A glance at history<\/strong><\/p>\n<p><strong>The beginnings of monetary union can be traced back to attempts to unify the coin standard. Emperor Augustus successfully unified the coins in the Roman Empire \u2013 for over 400 years the gold coins were minted almost exclusively with the seal of the Roman Emperor.<\/strong> The fall of the Roman Empire, caused among other things by its multiculturalism and multinationality, led to the disintegration of the state and to the deterioration of the coin value through a lower proportion of gold or silver. Until the 19<sup>th<\/sup> century, the fragmentation of the right to mint coins to the regional rulers led to the fact that the profit resulting from the creation of money from the difference between metal value and production costs and the value of the coins issued was no longer allocated only to a feudal ruler. In the 19<sup>th<\/sup> century, completely new methods of creating money emerged for the ruling classes \u2013 paper standards were gradually introduced. The paper standard should no longer be based on gold or silver parity, but should be secured by appropriate policy of the central bank, especially by influencing interest rates. In the 19<sup>th<\/sup> century, monetary unions were developed, on which the idea of the euro was based. All failed.<\/p>\n<p>In 1865, the Latin Monetary Union unified the currencies of France, Italy, Belgium, Greece and Switzerland. A French franc corresponded to an Italian lira, which corresponded to a Belgian franc, etc. Greece and Italy were then as now debtor countries. The Union\u2019s objectives were similar to those of the euro zone today: to simplify trade and make countries more competitive on world markets.<\/p>\n<\/div>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Euro \u2013 a disaster \u2013 failed monetary unions past and present A glance at history The beginnings of monetary union can be traced back to attempts to unify the coin standard. Emperor Augustus successfully unified the coins in the Roman Empire \u2013 for over 400 years the gold coins were minted almost exclusively with the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[280,6974,17986,1100,5923],"class_list":["post-29862","post","type-post","status-publish","format-standard","hentry","category-economics","tag-euro","tag-gefira","tag-monetary-unions","tag-paper-money","tag-roman-empire"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/29862","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=29862"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/29862\/revisions"}],"predecessor-version":[{"id":29863,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/29862\/revisions\/29863"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29862"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29862"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29862"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}