[p2p-research] Relative Price Levels in the Euro Area 1995-2009

[Patrick Anderson]

Ryan Lanham wrote:
> But if national governments operate independently,
> it is hard for currency unions to be fair.

> That is why, throughout history, currency unions
> and voluntary systems have almost universally failed.

Does this mean all of the 'alternative' and/or 'community' currencies
will have a problem being 'fair' without an intermediary or some sort
of central arbitrar?

If so, why would an issuer choose to be 'fair' when
they can otherwise take advantage of their position?

Why is this not solved through currency "exchange rates",
and how (or by whom) are those set?


Thanks,
Patrick