New article about the arguments for monetary systems in Europe since the 19th century

Published: 2021-09-20

Interesting article writing by Professor Jonas Ljungberg and Anders Ögren about the arguments for monetary systems in Europe since the 19th century

In retrospect and erroneously the nineteenth century international gold standard was interpreted as a quest for monetary discipline. The discipline argument was introduced after WWI in support for a restoration of the gold standard. The interwar failure led to an emphasis on international balances, the argument which came to the fore in the preparations for the Bretton Woods system. The balance argument was central in the early discussions of monetary union in Europe, but with the criticism of Keynesianism the discipline argument became determinant in the design of the Economic and Monetary Union. Read or download the article for free