Abstract

In retrospect and erroneously the nineteenth century international gold standard was interpreted as a quest for monetary discipline. The discipline argument was introduced after WWI in support for a restoration of the gold standard. The interwar failure led to an emphasis on international balances, the argument which came to the fore in the preparations for the Bretton Woods system. The balance argument was central in the early discussions of monetary union in Europe, but with the criticism of Keynesianism the discipline argument became determinant in the design of the Economic and Monetary Union.

中文翻译：

---

纪律或国际平衡：欧洲货币体系的选择

摘要

回想起来，19 世纪的国际金本位制被错误地解释为对货币纪律的追求。第一次世界大战后引入了纪律论点，以支持恢复金本位制。两次世界大战之间的失败导致了对国际平衡的强调，这一论点在布雷顿森林体系的准备工作中脱颖而出。平衡论点是欧洲货币联盟早期讨论的核心，但随着对凯恩斯主义的批评，纪律论点成为经济和货币联盟设计的决定性因素。