1 July 2022
Conference jointly organised by The Bulgarian National Bank (BNB) and eabh (The European Association for Banking and Financial History e.V.
Monetary Unions in History
The Global Financial Crisis of 2007-2008 triggered globalisation reversals, notably through disruptions in international trade, resistance to further political integrations and renewed protectionist policies, opposition to immigration, and overall inward redirection of domestic politics. These trends have been accelerated by the extensive measures to contain COVID-19 imposed by governments across the world, and the re-emergence of sovereignty (or its trendy rebrand ‘strategic sovereignty’) as a political goal. As evidenced many times in history, structural shocks yield protectionism and political volatilities which further amplify these processes. In the same way, historically, these shocks subjected political constructions such as currency unions to tough test. Sovereign states have experimented with, but also withdrawn from, numerous ventures to unify currencies, monetary and fiscal policies, or financial supervision. Perceived benefits of monetary sovereignty vs. integration have alternated in parallel to the turns in globalisation trends. This conference will discuss the phenomenon of currency unions in a global historical context with a special focus on the challenges brought about by trends of isolationism and confrontation. Motivation, design and factors explaining the resilience (or the lack thereof) of currency unions will be among the themes to discuss; - against a backdrop of captivating historical, geographic and institutional experiences. As history continues into modern-day initiatives like the Economic and Monetary Union in the EU, a glimpse into the future of currency unions may also engage the conference agenda. A platform to distil academic and policy insights, the event should attract scholars as well as central bankers interested in both the theory and historical experience of currency unions. The conference papers, presentations and discussions will be collected in a BNB Conference Proceedings volume. The joint efforts of eabh and the BNB will thus produce a contemporary reference base for future research into this intriguing area of intersection between monetary policy and history.
Further information here »