Oliver Adler: "Monetary unions are normally political unions"
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Oliver Adler: "Monetary unions are normally political unions"

The European Monetary Union differs from others in one key aspect. In part two, Oliver Adler explains what that means for the euro.

The European single currency differs from other currency unions, such as those in the US and Switzerland. Currency unions are first and foremost political constructs, with fiscal union, which involves centralized tax and spending policies, usually not taking place until later. The European Union, however, is not a country, which makes the euro the currency of a semi-political union – an outlier among currency unions. In part two of our video series, Oliver Adler, Chief Economist Switzerland, explains what that means for the future of the euro.

Watch part 1 on the European Monetary Union: "Cyclical improvement has helped the Euro"