The Déjà vu of EMU: Considerations for Europe from Nineteenth Century America

Abstract

This paper compares the structure and dynamics of the American monetary system from 1840 to 1860 with the European Monetary System of today. It argues that the two systems share certain dynamic similarities, problems, costs and benefits. To overcome the problems of its monetary system, the U.S. created a single national currency during its Civil War. This new single currency contributed to the political and economic integration of the U.S. in the postbellum period, but it played a divisive role in political economic relations among regions. This outcome is likely to be replayed if the European Community achieves economic and monetary union.

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