I. Interdisciplinary Introduction to Money and Currencies

For a comprehensive understanding of the legal principles constituting European and International Monetary Law it is necessary to focus first on the subject matter at hand: Money.

Despite the term’s universal and frequent usage, few outside the world of economic academics have probably taken the time to ponder what money actually is and how money and monetary systems evolved historically. Furthermore, a coherent legal assessment of monetary systems is impossible without a basic understanding of monetary policy. Finally, in the last chapter of this unit the relation between money and law and the latter’s meaning in the monetary sphere will be examined.