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Topic: Scandinavian Monetary Union

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In the News (Thu 18 Apr 19)

  History of Previous European Currency Unions
Prussia was by far the dominant member of the union, as it comprised 70% of the population and land mass of the future Germany.
It is common to confuse the logistics of a monetary union with its underpinnings.
But, in a monetary union with mutual guarantees among the members (even if it is only implicit as is the case in the eurozone), fiscal profligacy, even of one or two large players, may force the central monetary authority to raise interest rates in order to pre-empt inflationary pressures.
www.geocities.com /Athens/Forum/6297/nm032.html   (3650 words)

 Euro - Encyclopedia, History, Geography and Biography
The euro was established by the provisions in the 1992 Maastricht Treaty on European Union that was used to establish an economic and monetary union.
The rates were determined by the Council of the European Union, based on a recommendation from the European Commission based on the market rates on 31 December 1998, so that one ECU (European Currency Unit) would equal one euro.
Stability and Growth Pact is an agreement by European Union member states related to their conduct of fiscal policy, to facilitate and maintain Economic and Monetary Union.
www.arikah.com /encyclopedia/Euro   (6552 words)

 Róbinson Rojas.- Benjamin J. Cohen: Beyond EMU: The Problem of Sustainability.- RRojas Databank: Analysis and ...   (Site not responding. Last check: 2007-10-03)
Students of international monetary relations have long understood that in a world of high capital mobility and separate national currencies, governments are perennially confronted with a problematic trade-off between the goal of exchange-rate stability and a desire for monetary-policy autonomy.
The hallmark of a currency union is the supposed irreversibility of the commitment, not unlike a marriage.
Monetary discipline has been implemented through rules affecting access to credit from the Treasury as well as through the firm peg of the CFA franc to the French franc, which remained at a ratio of 50:1 for nearly half a century before a fifty-percent devaluation (to 100:1) in 1994.
www.rrojasdatabank.org /emu.htm   (9179 words)

 Monetary union - Wikipedia, the free encyclopedia
A monetary union differs from an economic and monetary union, where it is not just currency but also economic policy that is pooled or co-ordinated (as in the European Union Eurozone, for instance).
The euro is issued by the Economic and Monetary Union of the European Union.
The CFA franc BEAC is used by Cameroon, the Central African Republic, Chad, the Republic of the Congo, Equatorial Guinea and Gabon and is issued by the Communauté Économique et Monétaire de l'Afrique Centrale (CEMAC), i.e.
en.wikipedia.org /wiki/Monetary_union   (1023 words)

 European Monetary Union: Operating Monetary Policy - Finance & Development - September 1996
The Maastricht Treaty on European Union states that members of the European Union (EU) should decide before the end of 1996 whether the majority of member countries meet the specified convergence criteria to start Stage 3 of the Economic and Monetary Union and whether it is appropriate to enter Stage 3.
Stage 3 is defined as the ultimate stage of economic and monetary union wherein the currencies of the participating EU countries are irrevocably locked and replaced by a single currency, the euro.
As a monetary control device, reserve requirements help stabilize the relationship between reserve money and broader measures of money (this is usually called the money multiplier) and increase the extent to which the demand for money responds to a change in interest rates in case of less than full remuneration of the required reserves.
www.worldbank.org /fandd/english/0996/articles/070996.htm   (3528 words)

 Scandinavian Monetary Union - Wikipedia, the free encyclopedia
Norway, which was in union with Sweden, however with full inner autonomy, entered the union two years later, in 1875 by pegging its currency to gold at the same level as Denmark and Sweden (.403 grams [1]).
The monetary union was one of the few tangible results of the Scandinavian political movement of the 19th century.
In 1905 the political union between Sweden and Norway was dissolved, but this did not affect the basis for co-operation in the monetary union.
en.wikipedia.org /wiki/Scandinavian_Monetary_Union   (444 words)

 Guardian | A history of currency unions
Not a currency union, but a system of fixed exchange rates in which currencies are given a fixed value in terms of gold and are fully redeemable for the amount of gold that they are worth, this system has nevertheless played a vital part in helping to maintain areas of financial stability.
Monetary union has in fact been a key EU goal since the early 70s.
In 1979, the European monetary system was launched: eight states were now part of a snake-like exchange rate system that was to evolve into the more rigid ERM (exchange rate mechanism).
www.guardian.co.uk /print/0,,4317053-110369,00.html   (1376 words)

The introduction of the Krona, which replaced the Riksdaler as the country's legal tender, was a result of the Scandinavian Monetary Union[?], which came into effect in 1873 and lasted until the First World War.
The parties to the union were the Scandinavian countries, where the name was Krona in Sweden and Krone in Denmark and Norway, which in English literally means Crown.
After dissolution of the monetary union Sweden, Denmark and Norway all decided to keep the name of their respective and now separate currencies.
www.ebroadcast.com.au /lookup/encyclopedia/kr/Krona.html   (166 words)

 FT.com / Home UK / UK - The flaw that threatens the eurozone   (Site not responding. Last check: 2007-10-03)
Theoretically, it is possible to run a monetary union without any form of policy co-ordination such as stability rules, common taxes, a co-ordinated mechanism for economic reforms and a system of fiscal transfers.
The Scandinavian monetary union (1872-1931), which included Sweden, Denmark and later Norway, was more durable but started to unravel slowly after the political union between Norway and Sweden ended in 1905.
Another mechanism through which a monetary union may fail is a banking crisis that starts off in one country and spills over into the rest of the union.
www.ft.com /cms/s/1683032e-ffa1-11d8-be93-00000e2511c8.html   (1001 words)

 ANISTORITON: History News   (Site not responding. Last check: 2007-10-03)
Although the union was initially successful, wars and the financial instability brought about by the First World War caused the union to come to an end in 1927.
The union was very successful until Norway declared her political independence in 1924 and forced Sweden to announce the dissolution of the union.
In the 1992 Maastricht treaty, a timetable for full monetary union and the use of the euro was laid down.
www.anistor.co.hol.gr /english/enback/h012.htm   (523 words)

 past to present
Monetary unions such as the Hanseatic League and the Monetary Federation of the Rhine continued until the Napoleonic Wars.
Edwin Kemmerer proposed a single currency for a monetary union of all the Americas, to be called the "oro", Spanish for gold.
Monetary Union of East and West Germany, one of the first steps toward reunification of Germany.
www.singleglobalcurrency.org /past_to_present.html   (1649 words)

Monetary union will almost certainly go ahead on the present timetable with 11 members, with the United Kingdom having a fairly positive watching brief on whether or not to join, but what happens then is harder to call.
Germany's motives are "harder to understand": they either see it as a means to reduce the risk of conflict (but monetary union did not prevent the American Civil War) or as an opportunity to reinforce their role as natural leaders of the EU, aided by new allies from its Eastward expansion.
Monetary unions can collapse and although the break-up of the Latin Monetary Union, the Scandinavian Monetary Union, the Soviet Union, the Austro-Hungarian Empire and former Yugoslavia are not close parallels, they have something to teach us.
ourworld.compuserve.com /homepages/taxchown/emu.html   (2274 words)

The OCA criterion, which is a pre-requirement to determine the suitability of the countries for fomring a monetary union, lays down that countries should have experienced a high degree of similarity in shocks affecting them so that a common set of policies, fiscal and monetary as well as common exchange rate would be successfully adopted...
The improved monetary policy arises because the large institutions to which they surrender their monetary sovereignty are more likely to be free from political influences and partly because they have more financial and human resources to design and execute the best monetary policy.
Monetary Unions can take (and actually have taken) many forms and the model of the European economic and monetary union (EMU) is just one of them.
www.singleglobalcurrency.org /articles_prev.html   (9825 words)

 David Smith's EconomicsUK.com: June 2005 Archives
Political union was not needed for the launch of monetary union, but it did follow.
Others argue that the monetary union between Britain and Ireland, which lasted from 1921 to 1979, was an example of a long-running currency union without the accompanying political union.
The collapse of monetary union is inevitable by 2020, he writes, as the European economy comes under increasing pressure, not least from its ageing population.
www.economicsuk.com /blog/2005_06.html   (7496 words)

 Norwegian krone - Wikipedia   (Site not responding. Last check: 2007-10-03)
The plural form is kroner and one krone is divided in to 100 øre, singular and plural.
The introduction of the krone as the legal tender in Norway, 1875 was a result of the Scandinavian Monetary Union[?], which lasted until the First World War.
The parties to the monetary union was the Scandinavian countries of Sweden and Denmark from the start in 1873, with Norway joining two years later.
wikipedia.findthelinks.com /no/NOK.html   (265 words)

 Monetary policy of Sweden
The Monetary policy of Sweden is decided by Sveriges Riksbank, the central bank of Sweden.
The monetary policy is instrumental in determining how the Swedish currency, is valued.
Membership in the International Monetary Fund and party to the Bretton Woods Agreements on August 31, 1951.
www.fastload.org /mo/Monetary_policy_of_Sweden.html   (362 words)

 DENMARK : Encyclopedia Entry
Skåneland was lost to Sweden in the Treaty of Roskilde in 1658 and the Denmark-Norway union was dissolved by the Treaty of Kiel in 1814, when Norway entered a new union with Sweden, which lasted until 1905.
Relationships between unions and employers are cooperative: unions have a day-to-day role in managing the workplace, and their representatives sit on most companies' board of directors.
The majority of the population is of Scandinavian descent, with small groups of Inuit from Greenland, Faroese, and immigrants.
bibleocean.com /OmniDefinition/Denmark   (4794 words)

 The Euro's roots 2   (Site not responding. Last check: 2007-10-03)
The European Economic Community, brainchild of Jean Monnet, is formed with monetary union as an eventual objective.
Phase I of Economic and Monetary Union (EMU) comes into force; it lifts most restrictions on capital movements between member nations and increases coordination of economic and monetary policies.
Phase II of the monetary union begins with the establishment of the European Monetary Institute.
www.itc-belotti.org /5alfa99/euro2.htm   (367 words)

 Numismatic Articles
To prevent the melting and over production of subsidiary coinage, the Union agreed to provide that each country could issue subsidiary coinage equal to 2 francs per person each year and that the dime size coin would be issued with a fineness of 835/1000 parts silver, 2.5 grams in weight, 18 millimeters size.
Spain and Greece later joined the Union with the Spanish crowns known as 5 piastres and the dime size coins of 2 reals and later 50 centavos first issued from Madrid in 1869, while Greece used the denominations of 5 drachma and 50 lepta dated 1874 minted at the Paris mint.
The Scandinavian Monetary Union was established to set common weights and denominations for Sweden, Norway and Denmark in 1873 based on a 5 krone crown with 25 öre the small silver denomination.
coins.heritageauctions.com /features/numisarticles.php?id=4   (2890 words)

 CNN.com In-Depth Specials - euro: ready or not
Some 2,000 years before the advent of the euro, the Roman Empire was already practising a form of European monetary union.
In more recent times Napoleon (1769-1821) toyed with the idea of a uniform European currency, while the Latin Monetary Union (1865-1926) and the Scandinavian Monetary Union (1873-1924) were both early -- and unsuccessful -- attempts at some form of pan-European economic integration.
It was the Roman Empire, though, that offered the ultimate example of fiscal union, in terms of both its geographical extent -- at its height it reached from Scotland to the Sahara, from Portugal to Iran -- and its centralised authority.
edition.cnn.com /SPECIALS/2001/euro/stories/history   (585 words)

 Britain and European Monetary Union
Thus in 1861, under French initiative, a Latin Monetary Union was formed comprising France, Italy, Belgium, Switzerland and Greece.
The Union lasted until the 1920s, by which time the strains of wars and the widening differences between the value of gold and silver caused its gradual demise.
A rather similar pattern was seen in the Scandinavian Monetary Union formed in the 1870s, until, under similar pressures it was effectively dissolved by Sweden in 1924.
www.ex.ac.uk /~RDavies/arian/emu.html   (1287 words)

The Daler or the Riksdaler was the name of the currency used in Sweden until 1873 when it was replaced with the Krona as an effect of the Scandinavian Monetary Union[?].
The Daler, like the Dollar, was named after the German Thaler.
The Scandinavian Monetary Union[?] in 1873, replaced the Riksdaler with a new currency, the Krona, not only in Sweden, but also in Denmark and Norway.
www.ebroadcast.com.au /lookup/encyclopedia/da/Daler.html   (347 words)

 Council for European Studies
In a burst of euphoria, The Economist described the launch of the European Monetary Union as “arguably the most momentous currency innovation since the establishment of the US dollar in 1792.”[1] Strongly overvalued, the euro opened at $1.18 on January 4, 1999.
However, in practice, monetary unions (such as the Zollverein, the Latin Monetary Union, the Scandinavian Monetary Union, the Gold Standard and even Bretton Woods) have been successful in the short term but neither economically nor politically sustainable.
But as the UK gains prestige and political clout within the union and as Tony Blair prepares for a referendum within 18 months, the political dimension and repercussions of remaining outside the eurozone will have to supercede the question of synchronous business cycles and fears of losing a strong pound.
www.columbia.edu /cu/ces/pub/Finel_feb03.html   (1504 words)

 The message is clear: the UK should wait and see   (Site not responding. Last check: 2007-10-03)
The evidence of a union involving more than one major sovereign state surviving is limited.
Of course, some monetary unions are still in existence, such as Germany's after Unification, the Belgium-Luxembourg Economic Union and the US Federal Reserve system has survived since the Fed's establishment in 1913.
If the UK were to enter Emu soon, British monetary policy would have to be relaxed more than is justified by domestic needs, with official rates falling.
www.vnunet.com /articles/print/2050061   (1076 words)

 Sovereignty and Money: Past, Present and Future
The currency union resulting from the sacrifice of sovereignty by the German states endured, despite several changes in the national currency since its creation.
In contrast the Latin and Scandinavia Monetary Unions which were achieved without the surrender of sovereignty did not.
The monetary authorities always try to reassert their monopolistic power - in economic jargon, to make sure that money is exogenously created - as opposed to money supplies produced elsewhere by the working of market forces - or `endogeneously' as economists describe the process.
www.gold-eagle.com /editorials/sovereignty.html   (2563 words)

 Matthew Rice
During the founding of this monetary union, banks other than the Riksbank were allowed to issue notes.
Until recently, the Swedish monetary and financial system was one of the most regulated in the world.
The monetary authorities pursued a selective credit policy and the domestic credit market was shielded from the rest of the world by means of strict exchange controls.
facweb.furman.edu /~dstanford/41papers/rice.html   (3426 words)

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