Wednesday, January 25, 2012

Hayek on the Euro

"In many respects a single international currency is not better but worse than a national currency if it is not better run. It would leave a country with a financially more sophisticated public not even the chance of escaping from the consequences of the crude prejudices governing the decisions of the others. The adantage of an international authority should be mainly to protect a member state from the harmful measures of others, not to force it to join in their follies."
— FA Hayek, The denationalization of money: the argument refined


1 comment:

  1. Very odd timing... I was just considering buying this book yesterday after a discussion about free banking with a co-worker.