L'Italia nell'Unione Monetaria Latina

This paper provides a comparison between the 19th-century Latin Mone tary Union and the current European Monetary Union, in particular from the point of view of Italy. The effects on trade integration of member coun tries are considered, and in both cases appear to have been below expecta tions. The two monetary unions faced many difficulties. Italy is often blamed for them (i.e. for switching to fiat currency in the former, and for the state of its public finances in the latter). Yet, it should not be forgotten that mon etary unions are, as this paper argues, intrinsically problematic.