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Monetary Unions: Between International Trade and National Sovereignty

In: Monetary Unions

Author

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  • Hubert Kempf

    (École Normale Supérieure Paris-Saclay
    NRU Higher School of Economics)

Abstract

This chapter presents the main issues to be associated with the design of a monetary union. It shows that it results from a tension between the necessity to open economies to trade and exchanges and the requests implied by monetary sovereignty. Monetary sovereignty can be shared among different policy-makers, either in a national or in an international context, creating a monetary union. The consequences of the suppression of exchange rates due to monetary unification are discussed. Finally, it is shown how a monetary union can be conceived as a particular type of international monetary system.

Suggested Citation

  • Hubert Kempf, 2022. "Monetary Unions: Between International Trade and National Sovereignty," Springer Texts in Business and Economics, in: Monetary Unions, chapter 1, pages 3-37, Springer.
    • Handle: RePEc:spr:sptchp:978-3-030-93232-9_1
    DOI: 10.1007/978-3-030-93232-9_1
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