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Published in:
2004 | OriginalPaper | Chapter
Separation and Dissolution
Author : Brendan Brown
Published in: Euro on Trial
Publisher: Palgrave Macmillan UK
Included in: Professional Book Archive
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There is nothing in the Treaty of Maastricht about how countries can withdraw from European monetary union. Indeed, a withdrawal would be a breach of the Treaty. But broken treaties are the subject matter of much history! Past experience of monetary unions suggest that they do disintegrate. The very different nature, however, of today’s European monetary union from previous smaller unions founded under the gold or bimetallic standards limits seriously the value of studying past episodes.