Latin Monetary Union. In 1865, France, Belgium, Italy, and Switzerland (joined in 1868 by Greece) agreed to regulate their national currencies on a uniform basis, thus making it freely interchangeable. Several other countries joined informally. The fluctuations of gold and silver created difficulties, and the union, further disrupted by World War I, was disbanded in 1927.
The Columbia Electronic Encyclopedia, 6th ed. Copyright © 2012, Columbia University Press. All rights reserved.