Latin Monetary Union

Latin Monetary Union.

In 1865, France, Belgium, Italy, and Switzerland (joined in 1868 by Greece) agreed to regulate their national currencies on a uniform basis, thus making it freely interchangeable. Several other countries joined informally. The fluctuations of gold and silver created difficulties, and the union, further disrupted by World War I, was disbanded in 1927.

Latin Monetary Union

a union concluded in 1865 by France, Belgium, Italy, Switzerland, and (from 1868) Greece to standardize the coinage of gold and silver coins and to maintain a stable money circulation on the basis of bimetallism. The members of the Latin Monetary Union could freely coin gold and silver at the value ratio of 15.5 to 1. Acceptance of the silver coins of each member by the state treasuries of the others on the same basis as gold coins was obligatory in all payment transactions between the members. In the 1870’s, as a result of the progressive devaluation of silver and the shift by the majority of European countries to gold monometallism, a considerable number of freely coined silver 5-franc coins streamed into the countries of the Latin Monetary Union, thus creating the danger of gold outflow from these countries. The Latin Monetary Union was compelled to limit the coinage of silver coins and subsequently to discontinue it altogether.

After World War I, when the capitalist countries turned to paper money, the Latin Monetary Union lost its importance and virtually ceased to exist (it was formally disbanded on Dec. 31, 1926).

单词	latin monetary union
释义	Latin Monetary Union Latin Monetary Union. In 1865, France, Belgium, Italy, and Switzerland (joined in 1868 by Greece) agreed to regulate their national currencies on a uniform basis, thus making it freely interchangeable. Several other countries joined informally. The fluctuations of gold and silver created difficulties, and the union, further disrupted by World War I, was disbanded in 1927. Latin Monetary Union a union concluded in 1865 by France, Belgium, Italy, Switzerland, and (from 1868) Greece to standardize the coinage of gold and silver coins and to maintain a stable money circulation on the basis of bimetallism. The members of the Latin Monetary Union could freely coin gold and silver at the value ratio of 15.5 to 1. Acceptance of the silver coins of each member by the state treasuries of the others on the same basis as gold coins was obligatory in all payment transactions between the members. In the 1870’s, as a result of the progressive devaluation of silver and the shift by the majority of European countries to gold monometallism, a considerable number of freely coined silver 5-franc coins streamed into the countries of the Latin Monetary Union, thus creating the danger of gold outflow from these countries. The Latin Monetary Union was compelled to limit the coinage of silver coins and subsequently to discontinue it altogether. After World War I, when the capitalist countries turned to paper money, the Latin Monetary Union lost its importance and virtually ceased to exist (it was formally disbanded on Dec. 31, 1926).
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