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Monetary Unions and the Problem of Sovereignty

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  • Robert A. Mundell

    (Columbia University)

Abstract

Different types of monetary sovereignty are issues in exchange rate agreements monetary unions. Policy sovereignty refers to independence in making exchange rate and monetary policy, legal sovereignty to a country's ability to make its own laws with respect to the unit of contract and medium of exchange. This article traces the history of the concepts and their applications in the history of political philosophy and monetary policies. The first section relates the concepts of legal and policy sovereignty as they emerged in Roman law into the Europe of the Middle Ages and Renaissance. The second part discusses the implication of the sovereignty issue for choice along the road to the European Monetary Union.

Suggested Citation

  • Robert A. Mundell, 2002. "Monetary Unions and the Problem of Sovereignty," The ANNALS of the American Academy of Political and Social Science, , vol. 579(1), pages 123-152, January.
    • Handle: RePEc:sae:anname:v:579:y:2002:i:1:p:123-152
    DOI: 10.1177/000271620257900109
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    References listed on IDEAS

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    1. Kenen,Peter B., 1995. "Economic and Monetary Union in Europe," Cambridge Books, Cambridge University Press, number 9780521558839.
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    Cited by:

    1. Rob Calvert Jump & Jo Michell, 2023. "Dollar Liquidity, Financial Vulnerability and Monetary Sovereignty," Development and Change, International Institute of Social Studies, vol. 54(5), pages 1087-1113, September.

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