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Updated: May 7, 2025
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 I. The History of Monetary Unions 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.
Europe has had more than its share of botched and of successful currency unions. The Snake, the EMS, the ERM, on the one hand and the British Pound, the Deutschmark, and the ECU, on the other. The currency unions which made it have all survived because they relied on a single monetary authority for managing the currency.
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