Illustration: The $5 Silver Certificate from the 1896 Series The $5 Silver Certificate from the 1896 Series

Lessons for the Euro from America’s Past

In discussions about the EU monetary union the United States have been oftentimes set as an example, though the US didn’t really have a common currency until 1863, nearly eighty years after independence, and didn’t have the central bank until 1913. For all intents and purposes the US didn’t really have a common fiscal policy with automatic fiscal stabilizers until 1950s. It emerged only after a massive political conflict. Before the Civil War there was the kind of political strife that Europe is currently undergoing. To what extent could the timescale for the EU be different?

A talk by Professor Jeffry Frieden, Professor of Government at Harvard University. He specializes in the politics of international monetary and financial relations. Frieden is the author of Currency Politics: The Political Economy of Exchange Rate Policy (2015); and (with Menzie Chinn) of Lost Decades: The Making of America’s Debt Crisis and the Long Recovery (2011).

The United States Centre at LSE