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Money Currency ExchangeLast update: Wednesday 23rd of May 2012
What is a monetary union? Is it sufficient to have a single currency with various denominations, each printed by another member of the Union. There was no single currency like the Euro. Countries maintained their national currencies (coins), but these were at parity with each other. After the goods where exchanged for the currency of the local economy, the merchant needed a way to convert it back into there local currency. Thus the beginning of the Forex markets. 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 or monetary policy, for instance. A tidal wave of banking crises in 1908 led to the formation of the Federal Reserve System and 52 years were to elapse until the full monopoly of money issuance was retained by it. 9) Government Growth: Currencies are always traded in pairs. One might sell US dollars
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