“ EU sovereign bonds can reshape the bloc’s future
Almost exactly 70 years before the EU agreed its recovery fund package, the bloc was taking its first steps towards monetary union. Chronically short of dollars, the international reserve currency under the Bretton Woods arrangement, and having to resort to barter in order to trade with each other, the war-torn countries of western Europe banded together into the European Payments Union, allowing them to trade on credit and delay dollar payments until the end of the month.”
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Almost exactly 70 years before the EU agreed its recovery fund package, the bloc was taking its first steps towards monetary union. Chronically short of dollars, the international reserve currency under the Bretton Woods arrangement, and having to resort to barter in order to trade with each other, the war-torn countries of western Europe banded together into the European Payments Union, allowing them to trade on credit and delay dollar payments until the end of the month.”
Subscribe to read | Financial Times
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