--- title: "Meaning & Key Takeaway of: The only way to have several currencies…" description: "\"The only way to have several currencies from divergent nations lumped together is if they are culturally close, such as Germany, the Netherlands and Au..." image: "https://sms4smile.com/quotes/i/356/alan-greenspan-1834_austria_the-only-way-to-have-several-currencies_2985120.png" --- # The only way to have several currencies from divergent… ![“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](https://sms4smile.com/quotes/i/356/alan-greenspan-1834_austria_the-only-way-to-have-several-currencies_2985120.png) [Download](https://sms4smile.com/quotes/i/356/alan-greenspan-1834_austria_the-only-way-to-have-several-currencies_2985120.png) [Open image](https://sms4smile.com/quotes/i/356/alan-greenspan-1834_austria_the-only-way-to-have-several-currencies_2985120.png) > “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](https://sms4smile.com/quotes/author/alan-greenspan/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. 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 ★ ★ ★ ★ ★ No ratings yet [Austria](https://sms4smile.com/quotes/about/austria/) [Europe](https://sms4smile.com/quotes/about/europe/) [Germany](https://sms4smile.com/quotes/about/germany/) [Lumped](https://sms4smile.com/quotes/about/lumped/) [Nations](https://sms4smile.com/quotes/about/nations/) [Netherlands](https://sms4smile.com/quotes/about/netherlands/) [Work](https://sms4smile.com/quotes/about/work/) ## Related quotes > [If all currencies are moving up or down together, the question is: relative to what? Gold is the canary in the coal mine. It…](https://sms4smile.com/quotes/alan-greenspan/if-all-currencies-are-moving-up-or-down-together-the-question-is/) [Alan Greenspan](https://sms4smile.com/quotes/author/alan-greenspan/) > [I'm separated by other performers with whom I might be lumped, since what I say is so intensely personal. I'm anti-art and anti-poetry. As…](https://sms4smile.com/quotes/lydia-lunch/i-m-separated-by-other-performers-with-whom-i-might-be-lumped-since/) [Lydia Lunch](https://sms4smile.com/quotes/author/lydia-lunch/) > [There's not really a ban on the KIA bracelet specifically. There are regulations for wearing the uniform and specifically jewelry, and Marines are not…](https://sms4smile.com/quotes/james-f-amos/there-s-not-really-a-ban-on-the-kia-bracelet-specifically-there-are/) [James F. Amos](https://sms4smile.com/quotes/author/james-f-amos/) > [We were lumped into the Lite Metal radio bands.](https://sms4smile.com/quotes/kip-winger/we-were-lumped-into-the-lite-metal-radio-bands/) [Kip Winger](https://sms4smile.com/quotes/author/kip-winger/) > ['American Idol' is sometimes lumped with reality shows and it has that element - folks-next-door battling it out in a contest. But instead of…](https://sms4smile.com/quotes/tom-shales/american-idol-is-sometimes-lumped-with-reality-shows-and-it-has-that/) [Tom Shales](https://sms4smile.com/quotes/author/tom-shales/) > [I don't want to be lumped into any categories.](https://sms4smile.com/quotes/corey-feldman/i-don-t-want-to-be-lumped-into-any-categories/) [Corey Feldman](https://sms4smile.com/quotes/author/corey-feldman/) > [We're never lumped in as being an L.A. band in any kind of context.](https://sms4smile.com/quotes/russell-mael/we-re-never-lumped-in-as-being-an-l-a-band-in-any-kind-of-context/) [Russell Mael](https://sms4smile.com/quotes/author/russell-mael/) > [Afghanistan and Iraq were lumped together in what was called a 'global war on terrorism.'](https://sms4smile.com/quotes/richard-engel/afghanistan-and-iraq-were-lumped-together-in-what-was-called-a-global/) [Richard Engel](https://sms4smile.com/quotes/author/richard-engel/) > [It's funny. People often compare me to other humor essayists. They're usually quite nice comparisons; I will accept those gladly. But I am always…](https://sms4smile.com/quotes/sloane-crosley/it-s-funny-people-often-compare-me-to-other-humor-essayists-they-re/) [Sloane Crosley](https://sms4smile.com/quotes/author/sloane-crosley/) > [If you look at 1983, the film of the year was 'Terms of Endearment.' 'Scarface' was lumped in under the gratuitously violent banner. I…](https://sms4smile.com/quotes/steven-bauer/if-you-look-at-1983-the-film-of-the-year-was-terms-of-endearment/) [Steven Bauer](https://sms4smile.com/quotes/author/steven-bauer/) > [There's still racism. Western Europe... has taken the native cultures of the Americas, the African cultures, the Asian civilization and lumped them together into…](https://sms4smile.com/quotes/hans-rosling/there-s-still-racism-western-europe-has-taken-the-native-cultures-of/) [Hans Rosling](https://sms4smile.com/quotes/author/hans-rosling/) > [We have a government that purposely counterfeits and debases the currencies, and I believe that the alternative would be a competition. That means that…](https://sms4smile.com/quotes/ron-paul/we-have-a-government-that-purposely-counterfeits-and-debases-the/) [Ron Paul](https://sms4smile.com/quotes/author/ron-paul/) > [Information and knowledge: two currencies that have never gone out of style.](https://sms4smile.com/quotes/neil-gaiman/information-and-knowledge-two-currencies-that-have-never-gone-out-of/) [Neil Gaiman](https://sms4smile.com/quotes/author/neil-gaiman/) > [We had other currencies that we could find work in - the currencies of movements: passion, spirit, creativity.](https://sms4smile.com/quotes/bill-mckibben/we-had-other-currencies-that-we-could-find-work-in-the-currencies-of/) [Bill McKibben](https://sms4smile.com/quotes/author/bill-mckibben/) > [As far as income goes, there are three currencies in the world; most people ignore two. The three currencies are time, income and mobility,…](https://sms4smile.com/quotes/tim-ferriss/as-far-as-income-goes-there-are-three-currencies-in-the-world-most/) [Tim Ferriss](https://sms4smile.com/quotes/author/tim-ferriss/) ## More by Alan Greenspan > [Crony capitalism is essentially a condition in which... public officials are giving favours to people in the private sector in payment of political favours.](https://sms4smile.com/quotes/alan-greenspan/crony-capitalism-is-essentially-a-condition-in-which-public-officials/) [Alan Greenspan](https://sms4smile.com/quotes/author/alan-greenspan/) > [At the risk of some oversimplification, if the skill composition of our work force meshed fully with the needs of our increasingly complex capital-stock,…](https://sms4smile.com/quotes/alan-greenspan/at-the-risk-of-some-oversimplification-if-the-skill-composition-of/) [Alan Greenspan](https://sms4smile.com/quotes/author/alan-greenspan/) > [To succeed, you will soon learn, as I did, the importance of a solid foundation in the basics of education - literacy, both verbal…](https://sms4smile.com/quotes/alan-greenspan/to-succeed-you-will-soon-learn-as-i-did-the-importance-of-a-solid/) [Alan Greenspan](https://sms4smile.com/quotes/author/alan-greenspan/) > [I've always argued that this country has benefited immensely from the fact that we draw people from all over the world.](https://sms4smile.com/quotes/alan-greenspan/i-ve-always-argued-that-this-country-has-benefited-immensely-from-the/) [Alan Greenspan](https://sms4smile.com/quotes/author/alan-greenspan/) > [I cannot conceive of a politically feasible solution to this problem which will overdo cutting the deficit, where overdoing means harming the economy. It…](https://sms4smile.com/quotes/alan-greenspan/i-cannot-conceive-of-a-politically-feasible-solution-to-this-problem/) [Alan Greenspan](https://sms4smile.com/quotes/author/alan-greenspan/) > [Before I met Ayn Rand, I was a logical positivist, and accordingly, I didn't believe in absolutes, moral or otherwise. If I couldn't prove…](https://sms4smile.com/quotes/alan-greenspan/before-i-met-ayn-rand-i-was-a-logical-positivist-and-accordingly-i/) [Alan Greenspan](https://sms4smile.com/quotes/author/alan-greenspan/) > [ Skilled shortages in America exist because we are shielding our skilled labor force from world competition. \[Visa quotas\] have been substituted for the wage… ](https://sms4smile.com/quotes/alan-greenspan/skilled-shortages-in-america-exist-because-we-are-shielding-our/) [Alan Greenspan](https://sms4smile.com/quotes/author/alan-greenspan/) > [A decline in the national housing price level would need to be substantial to trigger a significant rise in foreclosures, because the vast majority…](https://sms4smile.com/quotes/alan-greenspan/a-decline-in-the-national-housing-price-level-would-need-to-be/) [Alan Greenspan](https://sms4smile.com/quotes/author/alan-greenspan/) > [Although the outlook is clouded by a number of uncertainties, the central tendencies of the projections .. imply continued good economic performance in the…](https://sms4smile.com/quotes/alan-greenspan/although-the-outlook-is-clouded-by-a-number-of-uncertainties-the/) [Alan Greenspan](https://sms4smile.com/quotes/author/alan-greenspan/) > [At the outset of the creation of the euro in 1999, it was expected that the southern eurozone economies would behave like those in…](https://sms4smile.com/quotes/alan-greenspan/at-the-outset-of-the-creation-of-the-euro-in-1999-it-was-expected/) [Alan Greenspan](https://sms4smile.com/quotes/author/alan-greenspan/) > [We may be in a rapidly evolving international financial system with all the bells and whistles of the so-called new economy. But the old-economy…](https://sms4smile.com/quotes/alan-greenspan/we-may-be-in-a-rapidly-evolving-international-financial-system-with/) [Alan Greenspan](https://sms4smile.com/quotes/author/alan-greenspan/) > [The guiding purpose of the government regulator is to prevent rather than to create something.](https://sms4smile.com/quotes/alan-greenspan/the-guiding-purpose-of-the-government-regulator-is-to-prevent-rather/) [Alan Greenspan](https://sms4smile.com/quotes/author/alan-greenspan/) > [“government regulation cannot substitute for individual integrity.”](https://sms4smile.com/quotes/alan-greenspan/government-regulation-cannot-substitute-for-individual-integrity/) [Alan Greenspan](https://sms4smile.com/quotes/author/alan-greenspan/) > [...our market system depends critically on trust-trust in the word of our colleagues and trust in the word of those with whom we do…](https://sms4smile.com/quotes/alan-greenspan/our-market-system-depends-critically-on-trust-trust-in-the-word-of/) [Alan Greenspan](https://sms4smile.com/quotes/author/alan-greenspan/) > [It's hard to overemphasize how important Ford's deregulation was. True, most of the benefits took years to unfold-rail freight rates, for example hardly budged…](https://sms4smile.com/quotes/alan-greenspan/it-s-hard-to-overemphasize-how-important-ford-s-deregulation-was-true/) [Alan Greenspan](https://sms4smile.com/quotes/author/alan-greenspan/) [Explore all 204 Alan Greenspan quotes ](https://sms4smile.com/quotes/author/alan-greenspan/) ## More Austria quotes > [I did a ski festival in Austria once. I was struck by how friendly Austrians were, before gradually realising it's more that Glaswegians are…](https://sms4smile.com/quotes/frankie-boyle/i-did-a-ski-festival-in-austria-once-i-was-struck-by-how-friendly/) [Frankie Boyle](https://sms4smile.com/quotes/author/frankie-boyle/) > [The north German does not go in for extremes. He has broader horizons than the men from the mountains of Bavaria and Austria.](https://sms4smile.com/quotes/karl-donitz/the-north-german-does-not-go-in-for-extremes-he-has-broader-horizons/) [Karl Donitz](https://sms4smile.com/quotes/author/karl-donitz/) > [Italy spills over to everything. Italy is a huge banking system. It has been the major banking system in Eastern Europe. It's worked with…](https://sms4smile.com/quotes/george-friedman/italy-spills-over-to-everything-italy-is-a-huge-banking-system-it-has/) [George Friedman](https://sms4smile.com/quotes/author/george-friedman/) > [You know, I'll tell who's really embraced football is Austria. Austria's really embraced football.](https://sms4smile.com/quotes/mike-leach/you-know-i-ll-tell-who-s-really-embraced-football-is-austria-austria/) [Mike Leach](https://sms4smile.com/quotes/author/mike-leach/) > [I just went off for two months traveling around Europe on a motorcycle and pretty much turned my phone off. I did 5,000 miles…](https://sms4smile.com/quotes/michael-fassbender/i-just-went-off-for-two-months-traveling-around-europe-on-a/) [Michael Fassbender](https://sms4smile.com/quotes/author/michael-fassbender/) > [Let others wage war. You, lucky Austria, shall marry.](https://sms4smile.com/quotes/scott-westerfeld/let-others-wage-war-you-lucky-austria-shall-marry/) [Scott Westerfeld](https://sms4smile.com/quotes/author/scott-westerfeld/) > [I've done an awful lot of skiing all over Europe: I've done Italy, Austria, France. I skied loads in New Zealand - I did…](https://sms4smile.com/quotes/richard-armitage/i-ve-done-an-awful-lot-of-skiing-all-over-europe-i-ve-done-italy/) [Richard Armitage](https://sms4smile.com/quotes/author/richard-armitage/) > [So perhaps the most worrying single remark made by a responsible banking official during the current crisis came from Jochen Sanio, the head of…](https://sms4smile.com/quotes/martin-walker/so-perhaps-the-most-worrying-single-remark-made-by-a-responsible/) [Martin Walker](https://sms4smile.com/quotes/author/martin-walker/) > [I played No10 for Austria.](https://sms4smile.com/quotes/david-alaba/i-played-no10-for-austria/) [David Alaba](https://sms4smile.com/quotes/author/david-alaba/) > [Prussia: freedom of movement with a muzzle. Austria: an isolation cell in which screaming is allowed.](https://sms4smile.com/quotes/karl-kraus/prussia-freedom-of-movement-with-a-muzzle-austria-an-isolation-cell/) [Karl Kraus](https://sms4smile.com/quotes/author/karl-kraus/) > [I would definitely return to Austria. They were all good experiences for me, but definitely Austria because there were some ancient Celtic, sacred sites…](https://sms4smile.com/quotes/nicolas-cage/i-would-definitely-return-to-austria-they-were-all-good-experiences/) [Nicolas Cage](https://sms4smile.com/quotes/author/nicolas-cage/) > [I can assure you that Austria will fight all forms of anti-Semitism in Europe with determination, be it still an existing one or also…](https://sms4smile.com/quotes/sebastian-kurz/i-can-assure-you-that-austria-will-fight-all-forms-of-anti-semitism/) [Sebastian Kurz](https://sms4smile.com/quotes/author/sebastian-kurz/) > [We are fighting Germany, Austria and drink, and as far as I can see, the greatest of these three deadly foes is drink.](https://sms4smile.com/quotes/david-lloyd-george/we-are-fighting-germany-austria-and-drink-and-as-far-as-i-can-see-the/) [David Lloyd George](https://sms4smile.com/quotes/author/david-lloyd-george/) > [Austria is a very export-oriented country.](https://sms4smile.com/quotes/sebastian-kurz/austria-is-a-very-export-oriented-country/) [Sebastian Kurz](https://sms4smile.com/quotes/author/sebastian-kurz/) > [I said to the German Ambassador that, as long as there was only a dispute between Austria and Serbia alone, I did not feel…](https://sms4smile.com/quotes/edward-grey/i-said-to-the-german-ambassador-that-as-long-as-there-was-only-a/) [Edward Grey](https://sms4smile.com/quotes/author/edward-grey/) [Browse all 107 Austria quotes ](https://sms4smile.com/quotes/about/austria/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "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. 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