Eugen Peter Schwiedland · 1922
Schwiedland’s review examines Damiris’s account of Greek exchange-rate regulation through the relationship between note issuance, monetary backing, and stability. The arrangement introduced in March 1910 authorized the Greek National Bank to issue special notes for purchasing gold and foreign exchange, subsequently resold domestically. Schwiedland stresses its institutional significance:
Das hiedurch geschaffene System wurde zur Grundlage des griechischen Finanzwesens, bot dem Lande gut gedeckte Banknoten in einer dem Bedarfe sich anpassenden Menge und stabilisierte die Wechselkurse.
English translation: The system thereby created became the foundation of Greek finance, offered the country well-covered banknotes in a quantity adapting itself to requirements, and stabilised the rates of exchange.
This assessment connects exchange stability with a well-backed currency whose quantity could adapt to demand. The review follows the study’s historical progression from Greek finance before 1910 through developments in 1910–1920, including wartime finance and international money markets. Its account then turns to the system’s breakdown:
Das namhafte budgetäre Defizit und das dadurch veranlaßte Sinken der wichtigsten Auslandsdevisen erzwangen gegen Anfang 1920 die Auflassung des zwiespältigen Notensystems.
English translation: The considerable budgetary deficit and the fall in the most important foreign exchange occasioned by it compelled, towards the beginning of 1920, the abandonment of the divided note system.
The contrast between earlier stabilization and subsequent abandonment gives the review its analytical tension: monetary arrangements must be considered alongside fiscal pressures. Schwiedland also commends the learning and analytical acuity brought to proposals for improving Greek financial legislation. Finally, comparison with related banking systems broadens the inquiry beyond Greece. The question is whether the Greek experience might suggest principles for an international financial organization regulating exchange rates. Schwiedland presents that possibility as a subject for investigation, not as a demonstrated institutional solution.
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