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The Economic Future in Historical Perspective$
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Paul A. David and Mark Thomas

Print publication date: 2006

Print ISBN-13: 9780197263471

Published to British Academy Scholarship Online: January 2012

DOI: 10.5871/bacad/9780197263471.001.0001

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Lessons from Italy’s Monetary Unification (1862–1880) for the Euro and Europe’s Single Market

Lessons from Italy’s Monetary Unification (1862–1880) for the Euro and Europe’s Single Market

Chapter:
(p.314) (p.315) 10. Lessons from Italy’s Monetary Unification (1862–1880) for the Euro and Europe’s Single Market
Source:
The Economic Future in Historical Perspective
Author(s):

Leandro Conte

Gianni Toniolo

Giovanni Vecchi

Publisher:
British Academy
DOI:10.5871/bacad/9780197263471.003.0011

This chapter examines the effects of monetary unification on market integration. It offers a new perspective on the Euro's likely effectiveness in achieving the ‘Single Market’ goal of European economic integration, by examining the impact of a nineteenth-century national currency reform. It looks back at the experience of Italian monetary unification after 1861 and describes how rapidly the prices of the basic factors of production, wages, and interest rates began to converge after the introduction of the national currency.

Keywords:   monetary unification, market integration, Euro, Single Market, economic integration, national currency

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