This paper examines the questions of whether and how feudal rulers were able to credibly commit to preserving monetary stability, and of which consequences their decisions had for the efficiency of financial markets. The study reveals that princes were usually only able to commit to issuing a...

"The story of the largest currency union in world history and its creation at the hands of the Holy Roman Empire. Providing a historical perspective on multilateralism, the book makes early monetary policies widely accessible and draws a vivid picture of economic and political life in a country...