Lessons for EMU from the History of Monetary Unions (IEA readings 50)

The history of monetary unions is a relatively unexplored area in economics. Yet it should be able to provide guidance for Europe's venture into monetary union. In Readings #50, Michael bordo and Lars Jonung discuss both the history and the lessons it may hold for EMU. Their paper is followed by six commentaries by other distinguished economists with a variety of viewpoints on monetary union. The book is introduced by Robert Mundell who pioneered the optimal currency area approach and who was awarded the Nobel Prize in economics in 1999.

Contents: 1. Lessons for EMU from the History of Monetary Unions (Michael Bordo and Lars Jonung) 2. Few 'Lessons from History' (Sir Samuel Brittan) 3. The Euro and History Lessons (Lord Currie of Marylebone) 4. Is EMU Sustainable without Political Union? (Dr. Walter Eltis) 5. EMU as a Monetary Union (Professor David Laidler) 6. Must Political Union Accompany Monetary Union? (Professor Anna J. Schwartz) 7. Putting the Cart before the Horse (Sir Alan Walters)