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Was the Latin Monetary Union a Franc Zone?

In: International Monetary Systems in Historical Perspective

Author

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  • Marc Flandreau

Abstract

In 1865, a monetary union was formed between Belgium, France, Italy and Switzerland (Greece would follow three years later). According to the Treaty (which created what the press called l‘Union latine or Latin Union, but which was officially known as Convention de 1865) the member states shared a common monetary base consisting of specie. The agreement, established in the first instance for fifteen years and renewable (it would be indeed renewed in 1880) provided for the circulation throughout the Union of gold and silver coins issued independently by all participants. The Latin Union’s coins were identical in all respects but the print which indicated the country of origin. The agreement was substantiated by the commitment on behalf of each national Treasury to accept in payment the coins of any other member state.

Suggested Citation

  • Marc Flandreau, 1995. "Was the Latin Monetary Union a Franc Zone?," Palgrave Macmillan Books, in: Jaime Reis (ed.), International Monetary Systems in Historical Perspective, chapter 3, pages 71-89, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-24220-7_4
    DOI: 10.1007/978-1-349-24220-7_4
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    Cited by:

    1. Jacks, David S., 2009. "On the death of distance and borders: Evidence from the nineteenth century," Economics Letters, Elsevier, vol. 105(3), pages 230-233, December.
    2. Samuel Standaert & Stijn Ronsse & Benjamin Vandermarliere, 2014. "Historical trade integration: Globalization and the distance puzzle in the long 20th century," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 14/897, Ghent University, Faculty of Economics and Business Administration.
    3. Melitz, Jacques, 2001. "Geography, Trade and Currency Union," CEPR Discussion Papers 2987, C.E.P.R. Discussion Papers.
    4. Már Guðmundsson & Thórarinn G. Pétursson & Arnór Sighvatsson, 2000. "Optimal Exchange Rate Policy: The Case of Iceland," Economics wp08, Department of Economics, Central bank of Iceland.
    5. Roger Vicquéry, 2021. "The Common Currency Effect on International Trade: Evidence from an Accidental Monetary Union," Working papers 856, Banque de France.
    6. Kaikati, Jack G., 1999. "The Euro versus the U.S. dollar: an overview," Journal of World Business, Elsevier, vol. 34(2), pages 171-192, July.

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