The EMU: Forerunners and Durability

10 Pages Posted: 3 Nov 2012

See all articles by Robert F. Graboyes

Robert F. Graboyes

Mercatus Center at George Mason University

Date Written: 1990


The European Community is stepping tentatively toward a European Monetary Union (EMU) that would replace most of Western Europe’s currencies with a single money, perhaps called the European Currency Unit (ECU). No previous monetary union ever involved such a large portion of the world economy or resulted in the disappearance of so many major trading currencies. Historical evidence presented here suggests that a durable monetary union requires that one monetary authority control policy for the entire union and that it have sufficient power to enforce the agreement on the member nations.

Suggested Citation

Graboyes, Robert F., The EMU: Forerunners and Durability (1990). FRB Richmond Economic Review, vol. 76, no. 4, July/August 1990, pp. 8-16. Available at SSRN:

Robert F. Graboyes (Contact Author)

Mercatus Center at George Mason University ( email )

3434 Washington Blvd. 4th Floor
Arlington, VA 22201
United States

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