Lund Papers in Economic History,
Lund University, Department of Economic History

Abstract: A currency union is when several independent sovereign nations share a common currency. This has been a recurring phenomenon in monetary history. In this article I study the theoretical foundations of such unions, and discuss some important currency unions in history, most notably the case of the US. Finally I contrast the design of the EMU with economic theories and historical experiences of currency unions.

Keywords: Central banks; Fiscal systems; Monetary theory; Monetary policy; Optimum Currency Areas

JEL-codes: B27; E42; F33; N11; N13

33 pages, June 14, 2019

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