In discussions about the EU monetary union the United States have been oftentimes set as an example, though the US didn’t really have a common currency until 1863, nearly eighty years after independence, and didn’t have the central bank until 1913. For all intents and purposes the US didn’t really have a common fiscal policy with automatic fiscal stabilizers until 1950s. It emerged only after a massive political conflict. Before the Civil War there was the kind of political strife that Europe is currently undergoing. To what extent could the timescale for the EU be different?
A talk by Professor Jeffry Frieden, Professor of Government at Harvard University. He specializes in the politics of international monetary and financial relations. Frieden is the author of Currency Politics: The Political Economy of Exchange Rate Policy (2015); and (with Menzie Chinn) of Lost Decades: The Making of America’s Debt Crisis and the Long Recovery (2011).
Illustration: The $5 Silver Certificate from the 1896 Series
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