Euro Zone: Look Back to the USSR!
By Riva FroymovichIs the euro zone an optimal monetary union? No, say two economists at a German bank, but that doesn’t mean it can’t go on for another decade or even longer.
Deutsche Bank economists Daniel Brehon and George Saravelos argue in a note that throughout history, monetary unions rely more on political will than strong economic foundations, including the cases of the U.S., the Austro-Hungarian Empire, Czechoslovakia , Yugoslavia and the Soviet Union.
They say that the 17-bloc euro area can learn most from the Soviet ruble zone!
That led the newly independent republics to create their own bank credit.
What was missing? Political union!
“[The] dissolution of the ruble zone followed the failure of central planning and the lack of democratic accountability of Soviet institutions,” say the economists.
In all these historical instances, monetary union break-ups followed political break-up, and did not precede it.
Their message is that the road to reaffirming the political commitment to a monetary union can be long. After all, they point out, it took more than a century for the U.S. to build its currency union after the dollar’s creation in 1778. In fact, they say the defining moment for the U.S. currency did not arrive until the post-Depression Banking Act of 1935, which stripped the regional Federal Reserve banks of powers and firmly delegated responsibility for liquidity and interest rates to the Federal Reserve Board.
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previously served as European finance editor in London. For 22 years, Mr. Fidler was an editor at the Financial Times where he was international capital markets editor, Latin America editor, U.S. diplomatic editor in Washington, and defense and security editor. Before that, he was a correspondent for Reuters in London, New York and Bahrain. Born in Boston, England, Mr. Fidler received a bachelor’s degree in economics from London University.Back In The Ussr - News
George Saravelos argue in a note that throughout history, monetary unions rely more on political will than strong economic foundations, including the cases of the US, the Austro-Hungarian Empire, Czechoslovakia , Yugoslavia and the Soviet Union.
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Twenty years after the breakup of the Soviet Union, the wave of nostalgia for the good old days of Communism peaks with the opening of “Ostalgia,” an exhibition at the New Museum curated by Massamilliano Gioni. Among the artists represented in the show is Nikolay Bakharev, who was born in Siberia in 1946, and who worked as an amateur photographer for the Communal Services Factory in Novokuznetsk. On the side, he took photographs of ordinary folks at the beach — one of the few places people could bare their bodies beyond the watchful gaze of big brother — and which the subjects could then purchase for their personal use. For Bakharev, it was an exercise that tested the limits of private commercial — not to mention creative — enterprise under a regime that frowned upon both. In his intimate and casually charming portraits, photographer and subject are complicit in this small taste of freedom, and clearly relishing it.
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