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Fx Currency ConvertorLast update: Wednesday 23rd of May 2012
Joining a monetary union means giving up independent monetary policy and, with it, a sizeable slice of national sovereignty. The member country can no longer control its the money supply, its inflation or interest rates, or its foreign exchange rates. Monetary policy is transferred to a central monetary authority (European Central Bank). A common currency is a transmission mechanism of economic signals (information) and expectations, often through the monetary policy. In a monetary union, fiscal profligacy of a few members, for example, often leads to the need to create a uniform medium of exchange of information regarding the present and future health of the economies involved. The second, more important, experiment was the Latin Monetary Union, the quantities of gold and silver Union coins that member countries could mint was unlimited. Regardless of the quantities minted, the coins were legal tender in their territories. Token coins were also cross-boundary legal tender as were banknotes (1900) recognized by the banks of the member countries. A higher interest rate means a higher demand for a currency. Foreign investors in a currency prefer a higher interest. It is the same principle
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