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A century of monetary reform in South-East Europe: From political autonomy to the gold standard, 1815-1910

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JournalFinancial History Review
DatePublished - 1 Apr 2017
Issue number1
Number of pages19
Pages (from-to)3-21
Original languageEnglish


We document and analyse monetary reform in Bulgaria, Greece, Serbia and Romania from 1815 (Serbian autonomy within the Ottoman Empire) to 1910, when Greece became the last country in the region to join the gold standard. We explain five key steps of monetary reform which the four countries passed in the same chronological order, and ask why national coinage and the foundation of a bank of note issue came late in the reform process. The South-East European countries tried to emulate West European prototypes, yet economic backwardness meant such institutions were often different from the onset, remained short-lived or both.

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© European Association for Banking and Financial History e.V 2017. This is an author-produced version of the published paper. Uploaded in accordance with the publisher’s self-archiving policy. Further copying may not be permitted; contact the publisher for details

    Research areas

  • gold standard, central banks, South-East Europe

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