Comments on "Currency unions"

[Offa]

On my last visit to Prague I was talking to a coin dealer, she told me there is some opposition amongst the Czechs to give up the crown and join the euro as their neighbour Slovakia has done

[<k>]

Side note: Countries that are not even EU member states (North Macedonia, etc.) will have a hard time getting in the euro area.

Not true. Montenegro and Kosovo use the euro, and neither are EU members.

[chrisild]

Not true. Montenegro and Kosovo use the euro, and neither are EU members.

Fine, they can use whatever they want – but I do not see a "currency union" there. And neither of the two countries has a monetary agreement with the EU.

[<k>]

Fine, they can use whatever they want – but I do not see a "currency union" there. And neither of the two countries has a monetary agreement with the EU.

1] Unilateral currency union.

This is the adoption by one country of the money of another, without consent or agreement.

For instance, Kosovo and Montenegro have unilaterally adopted the euro.

[chrisild]

My comment referred to what you had written before (in reply #24): "After that, I expect that Bosnia, North Macedonia and even Serbia and maybe Moldova will aspire to join the euro zone." And sorry, I have no idea how a country would do that without being an EU member state. Currently none of these four is.

[<k>]

I have no idea how a country would do that without being an EU member state.

They do it unilaterally. I just told you. You win this year's Nobel Prize for Being Wrong. 

[chrisild]

Yes, I realize that different people have different concepts of what a "union" is.

[<k>]

I live in London, and a couple of weeks ago a shop passed me a 1997 Isle of Man TT 50 pence in change. I recognised it immediately when it was being given to me, but I just accepted it. I didn't want to keep it, so the next day I passed it back to the same shop, and it was accepted.

Today I was back at the same shop, buying my milk again. As I was leaving, I noticed an unusual-looking 50 pence. Yes, you guessed it - that 1997 Isle of Man TT 50 pence again! I'll take it back to the same shop and spend it in a couple of days' time. We have this old phrase in English: "A bad penny always turns up!" Or a bad 50 pence, in this case. 

[Figleaf]

Isn't your story a clear sign that it's high time for what you call "the six" to modernise and use standard UK coins at last, selling their separatist designs at a hefty premium in sets only? There were times when there were reasons for a separate currency, as the coins had a different value or the territory had a different ruler, but those times have passed decades, if not centuries ago. The efficiency of it all should appeal to you as a tax payer.

Peter

[<k>]

Isn't your story a clear sign that it's high time for what you call "the six" to modernise and use standard UK coins at last, selling their separatist designs at a hefty premium in sets only? There were times when there were reasons for a separate currency, as the coins had a different value or the territory had a different ruler, but those times have passed decades, if not centuries ago. The efficiency of it all should appeal to you as a tax payer.

Although the six are British, they also have their own separate identities. Their circulating coinages are an ideal way of expressing their pride in their local identity. I am entirely in favour of that. And as a numismatist I think, "The more official sets, the merrier!" I am also a big fan of many of their thematic coin designs, which I find to be an inspiration compared to the UK's solidly heraldic approach.

In fact, the costs of running separate coinages and currencies in these tiny flyspecks are minimal. But we all know of your disdain for flyspecks. Your secret wish is for all countries in the known multiverse to join the euro zone by the year 3000 - except for the UK, Norway, Denmark and Switzerland. 

[CannedMeat]

Having unique coins gives those six opportunities to sell more coins to collectors.

[Figleaf]

You seem to think it is a typically British thing to have geographical minorities in a country. It's actually the contrary. It is difficult to find any country, from the US, India and China to Luxembourg, without geographical minorities. However, that doesn't lead to separate currencies for them.

Britain needs to rescind its morbid fascination with the "good" old times and continuing contentless tradition is not part of that.

Peter

[krishna]

i find the term "Realms" used for crown territories very unnatural, in today's times
they have to move with the times,
BTW, their good old days were a never ending nightmare for us

[<k>]

You seem to think it is a typically British thing to have geographical minorities in a country.

Where did you get that impression? I am well aware that there are minorities all over Europe. Just across the Channel, in France, there are Flemings, Bretons, Basques and Corsicans - possibly more?

It is difficult to find any country, from the US, India and China to Luxembourg, without geographical minorities. However, that doesn't lead to separate currencies for them.

The fact is that the crown dependencies are latecomers to Britain They have had special privileges that recognise their difference for centuries. You know what happens when you try removing a territory's privileges! It's not advisable except in extreme circumstances.

The remaining three of "the six" are former colonies. They were never part of Britain to begin with and are geographically distant. I know that France, for instance, does things differently, and that the island of Reunion, off the coast of Africa, is part of metropolitan France. Fine, I say. There are many ways to crack an egg.

Britain needs to rescind its morbid fascination with the "good" old times and continuing contentless tradition is not part of that.

I'm puzzled about what part of my post that refers to. I was never a fan of Brexit and I'm indifferent or neutral as regards the monarchy. Nor am I attached to "the Union". I dislike heraldry and am a moderniser where coin design is concerned. In that respect, I think "the six" can point the way for the UK, though for now I am convinced that the upcoming UK designs series for CIII will be resolutely heraldic.

[<k>]

i find the term "Realms" used for crown territories very unnatural, in today's times
they have to move with the times.

What do you think they should be called? "Realms" is far preferable to "Dominions", as they used to be called. Remember that we are talking about a monarchy here - it's hardly an ultra-modern institution.