The European Currency Unit was a unit of account used by the European Economic Community and composed of a basket of member country currencies. The ECU came in to operation on 13 March 1979, and was assigned the ISO 4217 code. The ECU replaced the European Unit of Account (EUA) at parity in 1979, and it was later replaced by the euro (EUR) at parity on 1 January 1999.
Friedrich August von Hayek, often referred to by his initials F. A. Hayek, was an Austrian-British economist and philosopher who is best known for his defence of classical liberalism. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for his work on economics. His account of how changing prices communicate information that helps individuals coordinate their plans is widely regarded as an important achievement in economics, leading to his prize.
Robert Alexander Mundell was a Canadian economist. He was a professor of economics at Columbia University and the Chinese University of Hong Kong.
The eurozone, officially called the euro area, is a monetary union of 19 member states of the European Union (EU) that have adopted the euro (€) as their primary currency and sole legal tender. The monetary authority of the eurozone is the Eurosystem. Eight members of the European Union continue to use their own national currencies, although most of them will be obliged to adopt the euro in the future.
The European Exchange Rate Mechanism (ERM) II is a system introduced by the European Economic Community on 1 January 1999 alongside the introduction of a single currency, the euro as part of the European Monetary System (EMS), to reduce exchange rate variability and achieve monetary stability in Europe.
The Chicago school of economics is a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago, some of whom have constructed and popularized its principles. Milton Friedman and George Stigler are considered the leading scholars of the Chicago school.
Pascal Salin is a French economist, professor emeritus at the Université Paris-Dauphine and a specialist in public finance and monetary economics. He is a former president of the Mont Pelerin Society.
Camille Gutt, born Camille Guttenstein, was a Belgian economist, politician, and industrialist. He served as the first Managing Director of the International Monetary Fund (IMF) from 6 May 1946 to 5 May 1951. Camille Gutt was the architect of a monetary reform plan that facilitated the recovery of the Belgian economy after World War II.
Donald Joseph Boudreaux is an American economist, author, professor, and co-director of the Program on the American Economy and Globalization at the Mercatus Center at George Mason University in Fairfax, Virginia.
In economics, an optimum currency area (OCA) or optimal currency region (OCR) is a geographical region in which it would maximize economic efficiency to have the entire region share a single currency.
The international monetary conferences were a series of assemblies held in the second half of the 19th century. They were held with a view to reaching agreement on matters relating to international relationships between national currency systems.
Robert, Baron Triffin was a Belgian-American economist best known for his critique of the Bretton Woods system of fixed currency exchange rates. His critique became known later as Triffin's dilemma.
Otmar Issing is a German economist who has been serving as President of the Center for Financial Studies since 2006. As the former Chief Economist and Member of the Board of the European Central Bank (ECB) Issing developed the 'two pillar' approach to monetary policy decision-making that the ECB has adopted.
Montenegro is a country in South-Eastern Europe, which is not a member of the European Union, Eurozone nor does it have a formal monetary agreement with the EU, but it is one of the two territories that has unilaterally adopted the euro in 2002 as its de facto domestic currency. This means that the euro is not a legal tender there, however it is treated as such by the government and the population.
The African Monetary Union (AMU) is the proposed creation of an economic and monetary union for the countries of the African Union, administered by the African Central Bank. Such a union would call for the creation of a new unified currency, similar to the euro; the hypothetical currency is sometimes referred to as the afro or afriq.
Fiscal union is the integration of the fiscal policy of nations or states. Under fiscal union decisions about the collection and expenditure of taxes are taken by common institutions, shared by the participating governments. A fiscal union does not imply the centralisation of spending and tax decisions at the supranational level. Centralisation of these decisions would open up not only the possibility of inherent risk sharing through the supranational tax and transfer system but also economic stabilisation through debt management at the supranational level. Proper management would reduce the effects of asymmetric shocks that would be shared both with other countries and with future generations. Fiscal union also implies that the debt would be financed not by individual countries but by a common bond.
The Denationalisation of Money is a 1976 book by Friedrich Hayek, in which the author advocated the establishment of competitively issued private moneys. In 1978 Hayek published a revised and enlarged edition entitled Denationalisation of Money: The Argument Refined, where he speculated that rather than entertaining an unmanageable number of currencies, markets would converge on one or only a limited number of monetary standards, on which institutions would base the issue of their notes.
Withdrawal from the Eurozone denotes the process whereby a Eurozone member-state, whether voluntarily or forcibly, stops using the euro as its national currency and leaves the Eurozone. As of January 2021, no country has withdrawn from the Eurozone.
Liberální Institut, also known as the Liberal Institute, is a Czech political think tank based in Prague which aims to promote the principles of classical liberal thought. First known as the F.A. Hayek Liberal Association, it was founded by Jiří Schwarz, Tomáš Ježek and Miroslav Ševčík in the fall of 1989 and later registered on February 6, 1990 under its current name. Currently led by Martin Panek, the Liberal Institute endeavors to develop and apply ideas of classical liberalism in relation to the Czech and European political system. Its activities are based on the principles of individual freedom, a government with limited powers, the free market and peace.
Joachim Starbatty is a German professor of economics and politician.
