Poor nations will give
up on the entire trade architecture so laboriously erected in the last
20 years - if they become convinced, as they should, that it is all
prestidigitation and a rich boys' club. It is a precipice and France
has just taken us all one step forward.
Deja V-Euro
The History of Previous Currency Unions
By: Dr. Sam Vaknin
Also published by United Press International (UPI)
I. The History of Monetary Unions
"Before long, all Europe, save England, will have one money". This was
written by William Bagehot, the Editor of "The Economist", the renowned
British magazine, 120 years ago when Britain, even then, was heatedly
debating whether to adopt a single European Currency or not.
A century later, the euro is finally here (though without British
participation). Having braved numerous doomsayers and Cassandras, the
currency - though much depreciated against the dollar and reviled in
certain quarters (especially in Britain) - is now in use in both the
eurozone and in eastern and southeastern Europe (the Balkan). In most
countries in transition, it has already replaced its much sought-after
predecessor, the Deutschmark. The euro still feels like a novelty - but
it is not. It was preceded by quite a few monetary unions in both
Europe and outside it.
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