Българска народна банка

Паричните съюзи в историята

КОНФЕРЕНЦИЯ

организирана съвместно от Българската народна банка и Европейската асоциация за банкова и финансова история (eabh)

София, 1 юли 2022 г.

(Работният език на конференцията е английски. Всички документи и материали са публикувани на оригиналния език, на който е проведено събитието.)

PROGRAMME

This conference discussed 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 were 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 also engaged the conference agenda.

30 June

OFFICIAL DINNER

20:00      Dinner speech

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1 July

CONFERENCE

9:00       Welcome

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9:15      Introduction

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9:30      Keynote Speech

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Economists regard money as a means for transactions, store of value, and unit of account. But it can also assume the role of a funding instrument, notably for states. The difference between the first and second role of money has always led to conflicts. But these conflicts have been especially severe when sovereign states gave up their command over money to enter a monetary union.

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10:15      Session 1: Monetary unions and economic integration

This session looked at monetary unions in the context of political authority and other historical currencies. Were monetary unions a cause or an effect of economic integration? In the very long run, was the common currency of the Roman Empire (1559) a success? And how does this more ancient experience compare to the outcomes of the much younger Latin Monetary union (1865-1917)? In which ways can a monetary union affect market outcomes and market imbalances? Can we draw lessons for modern era monetary unions?

Moderator: HUGO BÄNZIGER, eabh

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12:00      Session 2: Monetary unions between continuity and confrontation

The second panel looked at the polarities of monetary unions through the lens of the Irish and Northern European experiences. Both histories clearly indicate the political costs of keeping or breaking such unions, showcase the resilience of monetary arrangements in the wider context of political confrontation and discuss today’s not less charged relationship between economic and political economy and the need to follow the ‘great power conductor’.

Moderator: IVAYLO NIKOLOV, Bulgarian National Bank

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13:45      Session 3: Markets, states and monetary unions

This part of the conference took a close look at the common currencies of the Habsburg empire and the international socialist monetary system, highlighting the common and varying features of market-based and state let monetary arrangements. Potential discrimination by stronger partners within these unions was also discussed.

Moderator: CHRIS COLVIN, Queen’s University Belfast

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14:45       Parallel currencies in history: A policy panel

Central bankers and historians

Moderator: NATHAN SUSSMAN, Graduate Institute Geneva

Panelists: HUGO BÄNZIGER, eabh

                 KALIN HRISTOV, Bulgarian National Bank

                 CLEMENS JOBST, University of Vienna

                 THOMAS MAYER, Flossbach von Storch

                 FRANÇOIS R. VELDE, Federal Reserve Bank of Chicago

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16:00       Session 4: Inflation, sovereignty and monetary unions

This final session turned to history to ask how to maintain currency stability of foreign exchange markets in the wake of inflation. It discussed the making of the European Monetary Union and before (‘the Snake’) its special relationship with Great Britain and the red thread of our conference: Which are the goals higher than sovereignty, and in the long run, are they worth it?

Moderator: LILIA COSTABILE, University of Naples

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17:00       Closing remarks