No macroeconomic and fiscal preparations were made before the start of the Latin Monetary Union, no common central bank was in place to exert even the simplest measures of joint monitoring over currency issues. 85 years after the end of that regime we had clearly learnt our lessons.
BIS Review 20/2005  1  In a framework characterized by political stability, a history of 40 years of economic, trade and financial integration had paved the way for the European Monetary Union.