Otsensted Monetary Union
The Otsensted Monetary Union is an agreement betweeen Canaria, Coelans, Emerstari, New Retermi, Saurland, and Soumeland that was devised in 1857 and put into effect on by the Treaty of Otsensted 17 December 1862. The treaty sets each country's currency to the same bimetallic standard, with a present gold to silver ratio of 1:56, and requires that all contracting states print and strike freely exchangeable banknotes and coins according to common specifications. For example, one Canarian thaaler, Coelansish kron, Emerstarian skille, Saurish krona, and Soumish sjaåla are all equal to 0.1 g of gold or 0.56 g of silver. The present values of gold and silver were most recently set in 1986 as a result of regionally unstable prices leading to economic downturn across the union in 1979: one troy ounce of gold is set as 940.57 NSD and one troy ounce of silver is set as 16.80 NSD.
Among other things, the OMU was originally created to facilitate trade between all of Scania, setting the standards by which gold and silver may be minted and exchanged. This plan, however, never came to fruition due to the rejection of the bimetallic standard by Marseile, Roele, and Polsnia at the time, and as a result of this, the OMU has only received two new signatories since its creation, both of which were formerly possessions of Emerstari that peacefully seceded. Still, the currency of any member state may be used within another member-state.
The regulation of the OMU is overseen by the Ostensted Treaty Council, which is based in the city of Ostensted in Coelans and is composed of the heads of each member state's central bank as well as their heads of states and/or heads of treasury. Currently, the board has twenty-three members. Its primary tasks are to monitor and act accordingly to international gold and silver prices, debasement, inflation, and deflation.
Background
Member states
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On the creation of the Ostensted Monetary Union in 1862, there were five signatories, including Canaria, Coelans, Emerstari, the Friedish Confederation, and Saurland. Soumeland gained its independence from Emerstari in 1904 and was admitted into the Union shortly thereafter. Similarly, New Retermi gained its independence from Emerstari in 1953 and was admitted into the Union. The Friedish Confederation was dissolved and integrated into Coelans in 1922.
| State | Admitted | Population |
Nominal GNI (millions) |
Relative GNI of total, nominal |
GNI per capita nominal |
Currency |
|---|---|---|---|---|---|---|
| Canaria | 17 Dec. 1862 | - | - | Template:Number table sorting/error% | - | - |
| Coelans | 17 Dec. 1862 | - | - | Template:Number table sorting/error% | - | - |
| Emerstari | 17 Dec. 1862 | - | - | Template:Number table sorting/error% | - | - |
| Friedish Confederation | 17 Dec. 1862 | - | - | Template:Number table sorting/error% | - | - |
| New Retermi | 1 Jan. 1955 | - | - | Template:Number table sorting/error% | - | - |
| Saurland | 17 Dec. 1862 | - | - | Template:Number table sorting/error% | - | - |
| Soumeland | 20 May 1905 | - | - | Template:Number table sorting/error% | - | - |
Economy
See:
• Economy of Canaria
• Economy of Coelans
• Economy of Emerstari
• Economy of New Retermi
• Economy of Saurland
• Economy of Soumeland
National debt
For mutual assurance between member states and stability of the currencies within the union, a clause was added to the Treaty of Ostensted in 1996, setting limits on deficits and national debt. There are, however, no in-place penalties or sanctions for deviation from these restrictions.
| State | National debt (millions) | National debt (% of GDP) |
|---|---|---|
| - | - | 0 / 100
|