Chapter

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

Leandro Conte, Gianni Toniolo and Giovanni Vecchi

in The Economic Future in Historical Perspective

Published by British Academy

Published in print February 2006 | ISBN: 9780197263471
Published online February 2012 | e-ISBN: 9780191734786 | DOI: http://dx.doi.org/10.5871/bacad/9780197263471.003.0011

Series: British Academy Centenary Monographs

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

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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

Chapter.  8200 words.  Illustrated.

Subjects: Economic History

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