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An Estimate of the Effect of Common Currencies on Trade and Income.
In addition, legal codes and taxation systems had to be unified, and common currencies had to be forged.
Frankel, Jeffrey A. "An Estimate of the Effect of Common Currencies on Trade and Income". KSG Faculty Research Working Papers Series RWP01-013, April 2001.
Unlike the common currencies offered in earlier eras by conquerors like Charlemagne or trading states like 13th-century Florence, the euro will rely largely on the public's confidence for its strength and durability.
Before the invention of common currencies, people would barter goods directly, or keep informal "IOUs" to log debts.
Bacterial metabolic networks are a striking example of bow-tie organization, an architecture able to input a wide range of nutrients and produce a large variety of products and complex macromolecules using a relatively few intermediate common currencies.
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