As reformas monetárias e o euro

  • João Sousa Andrade CeBER, Faculty of Economics, Universidade de Lisboa


The creation of the Euro is discussed in this text in the context of the monetary reforms historically proposed by economists. Our reflection is made in terms of monetary orders based on commodities, the consequences of the legal tender and not convertible money, and includes the proposals for the free money. The way the money supply is created, generating its own demand, is essential to understanding the new monetary order arising from the Euro. The 100 percent reserves reform, the Mervyn King’s proposal, and the extension of the function of lender of last resort are referred. We conclude by drawing attention to the need of an increased integration that leads to a more stable and credible Euro area, as well as to greater protection against financial shocks for Portugal after all.


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