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FX fact: early European monetary union

MARKET NEWS

One early experiment in European monetary union surfaced in Europe in the mid-19th century, with a French initiative called the Latin Monetary Union.

The Union, formalised in 1865 between France, Belgium, Switzerland and Italy, used a "bimetallic system" whereby each countries' silver and gold coins were interchangeable throughout the Union, using a fixed rate of 15 silver coins to one gold coin.

Greece and Bulgaria joined in 1867, and many others joined informally. But difficulties created

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