Could the euro win the currency wars?

ON EUROPE

In Adam Smith's, Of the Origin and Use of Money, in 1776 he discusses the use of money as a way of avoiding the risk of "the grossest frauds and impositions" during the exchange of services and goods.

Metal coins were introduced with fixed weightings of metals to ensure the integrity of their value. However, governments progressively allowed the quantity of precious metal in coins to fall, motivated, according to Smith, by “avarice and injustice of princes and sovereign states”, enabling them to repay their debts in devalued coinage, something that rings true today. More than 20 countries globally actively intervene, or manage, their currencies. We remain in a world where there is a secular undermining of the last vestiges of integrity of fiat money. The scale of the intervention i...