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Roman Empire Explains the Euro's Failure
Gilles Bransbourg, Newsweek
Europe enjoyed a common currency regime 2,000 years ago. Back then, as today, there was no single common language, rather limited workforce mobility, and quite an active trade network. The Roman Empire brought relative internal peace to a wide area never to be united again. And it brought the sestertius—or, to be more accurate, a coinage of gold, silver, and bronze of which the bronze sestertius became the most commonly spread denomination. It certainly lacked a central bank, but it lasted for many centuries.
Europe enjoyed a common currency regime 2,000 years ago. Back then, as today, there was no single common language, rather limited workforce mobility, and quite an active trade network. The Roman Empire brought relative internal peace to a wide area never to be united again. And it brought the sestertius—or, to be more accurate, a coinage of gold, silver, and bronze of which the bronze sestertius became the most commonly spread denomination. It certainly lacked a central bank, but it lasted for many centuries.
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