Nikolay Nenovsky, Giovani Pavanelli, Kalina Dimitrova
Exchange Rate Control in Italy and Bulgaria in the Interwar Period. History and Perspectives
Summary:
The history of the exchange control in Europe in the interwar period provides us with interesting insights of the current development of the European monetary union and of the perspectives of its enlargement, where the exchange rate and monetary regime have a central role. Like in the past, in a different historical context and in different forms of course, Europe today could be also divided into centre, semi-periphery and periphery or, in other words, groups of countries at different stages of economic development. Therefore, we find it challenging to compare the evolution of exchange control (an exchange rate regime) in two countries which were of course characterized by different economic conditions - Italy being a representative of the semi-periphery and Bulgaria of the peripheral and, at that time, underdeveloped Balkans − but which, as a matter of fact, were both external to the financial and industrial core of Europe.
