Part VI Monetary Unions and other Forms of Monetary Organization, Introduction

Intro.VI.01 There is no doubt that the completion of Economic and Monetary Union in Europe is the major monetary development since Dr Mann himself completed the fifth edition of this work in 1991. This achievement directly challenges the traditional notion that individual States must create and organize their own, independent monetary systems.1 In past times, it had been taken for granted that a State must have its own currency, just as it had its own territory and its own constitution. Yet, radical though the introduction of the euro may appear to be, monetary...