Skip to content

Austria Quote by Alan Greenspan

“The only way to have several currencies from divergent nations lumped together is if they are culturally close, such as Germany, the Netherlands and Austria. If they aren't, it simply can't continue to work.” quote by Alan Greenspan
Download Open image
“The only way to have several currencies from divergent nations lumped together is if they are culturally close, such as Germany, the Netherlands and Austria. If they aren't, it simply can't continue to work.”

Alan Greenspan

About This Quote

Source Book: Economic analysis, 2005

Argues that monetary unions work best among culturally similar nations

In simple terms: Currency unions need cultural closeness to succeed

Key Takeaway

Promote cultural integration before monetary integration

Themes

economics regional integration currency policy

Mood

analytical critical

Type

economic political

When to use this quote

  • policy making
  • financial markets
  • regional trade agreements
  • political negotiations

Key Concepts

Eurozone dynamics cultural economics

Questions to Reflect On

  • What cultural factors matter most?
  • Can diverse nations succeed together?
A Different Perspective

Cultural similarity is hard to measure accurately

2.6 out of 5 (3 ratings)

More by Alan Greenspan

Explore all 204 Alan Greenspan quotes

More Austria quotes

Browse all 107 Austria quotes