Chronological history
90-474: The Scandinavian Monetary Union was a monetary union formed by Denmark and Sweden on 5 May 1873, with Norway joining in 1875. It established a common currency unit, the krone/krona , based on the gold standard . It was one of the few tangible results of the Scandinavian political movement of the 19th century. The union ended during World War I. The original Scandinavian currencies were based on
180-503: A French public which wanted territory and a French army which wanted revenge. The situation did not suit either France, which unexpectedly found itself next to the militarily powerful Prussian-led North German Confederation, or Prussia, whose foremost objective was to complete the process of uniting the German states under its control. Thus, war between the two powers since 1866 was only a matter of time. In Prussia, some officials considered
270-614: A Scandinavian Monetary system based on the Gold standard was imposed 1873 to 1875. The union was dissolved gradually from the outbreak of World War One until 1924, when the union formally was dissolved. Nevertheless, the 1:1:1 banknote rate continued at least until the economical crisis in the early 1930s. Whether the Scandinavian Monetary Union was a success has been a subject of discussion. Some experts observe it functioned best between 1901 and 1905, at which point it
360-463: A bad situation much worse was the conduct of General Auguste-Alexandre Ducrot , commander of the 1st Division. He told General Abel Douay , commander of the 2nd Division, on 1 August that "The information I have received makes me suppose that the enemy has no considerable forces very near his advance posts, and has no desire to take the offensive" . Two days later, he told MacMahon that he had not found "a single enemy post ... it looks to me as if
450-596: A broad deployment which made envelopment highly likely but the effectiveness of French Chassepot-rifle fire inflicted costly repulses on infantry attacks, until the French infantry had been extensively bombarded by the Prussian artillery. The Battle of Spicheren on 5 August was the second of three critical French defeats. Moltke had originally planned to keep Bazaine's army on the Saar River until he could attack it with
540-712: A call for a firm monetary system had risen in the 1860s. The idea of using a foreign currency was discussed, but as the old dividing of the British Pound was similar to what Scandinavia wished to get rid of, the French defeat in the Franco-Prussian War made the French Franc less attractive and as the German Mark was out of the question in Denmark after the 1864 Second Schleswig War , the idea of
630-551: A column or line formation , Prussian infantry moved in small groups that were harder to target by artillery or French defensive fire. The sheer number of soldiers available made encirclement en masse and destruction of French formations relatively easy. The army was equipped with the Dreyse needle gun renowned for its use at the Battle of Königgrätz , which was by this time showing the age of its 25-year-old design. The rifle had
720-466: A consequence, governmental institutions often struggle when they try to implement a new currency, for example by entering a currency union. Convergence in terms of macroeconomics means that countries have a similar economic behaviour (similar inflation rates and economic growth ). It is easier to form a currency union for countries with more convergence as these countries have the same or at least very similar goals. The European Monetary Union (EMU)
810-692: A contact-detonated shell, the Krupp gun had a longer range and a higher rate of fire than the French bronze muzzle loading cannon, which relied on time fuses. The Prussian army was controlled by the General Staff , under General Helmuth von Moltke . The Prussian army was unique in Europe for having the only such organisation in existence, whose purpose in peacetime was to prepare the overall war strategy, and in wartime to direct operational movement and organise logistics and communications. The officers of
900-672: A currency based on gold. The system was dissolved by Sweden in 1924. A currency union among the British colonies and protectorates in Southeast Asia, namely the Federation of Malaya, North Borneo, Sarawak, Singapore and Brunei was established in 1952. The Malaya and British Borneo dollar, the common currency for circulation was issued by the Board of Commissioners of Currency, Malaya and British Borneo from 1953 until 1967. Following
990-690: A currency union. [REDACTED] Zimbabwe is theoretically in a currency union with four blocs as the South African rand, Botswana pula , British pound and US dollar freely circulate. The US Dollar was, until 2016, official tender. Additionally, the autonomous and dependent territories, such as some of the EU member state special territories , are sometimes treated as separate customs territory from their mainland state or have varying arrangements of formal or de facto customs union , common market and currency union (or combinations thereof) with
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#17327727797961080-482: A distant plateau south of the town of Spicheren, and took this as a sign of Frossard's retreat. Ignoring Moltke's plan again, both German armies attacked Frossard's French 2nd Corps, fortified between Spicheren and Forbach. The French were unaware of German numerical superiority at the beginning of the battle as the German 2nd Army did not attack all at once. Treating the oncoming attacks as merely skirmishes, Frossard did not request additional support from other units. By
1170-526: A fierce opponent of Prussia who, as French Ambassador to Austria in 1866, had advocated an Austro-French military alliance against Prussia. Napoleon III's worsening health problems made him less and less capable of reining in Empress Eugénie, Gramont and the other members of the war party, known collectively as the "mameluks". For Bismarck, the nomination of Gramont was seen as "a highly bellicose symptom". The Ems telegram of 13 July 1870 had exactly
1260-516: A major obstacle in terms of logistics. Only one railway there led to the German hinterland but could be easily defended by a single force, and the only river systems in the region ran along the border instead of inland. While the French hailed the invasion as the first step towards the Rhineland and later Berlin, General Edmond Le Bœuf and Napoleon III were receiving alarming reports from foreign news sources of Prussian and Bavarian armies massing to
1350-520: A massacre, the French army disengaged and retreated in a westerly direction towards Bitche and Saverne, hoping to join French forces on the other side of the Vosges mountains . The German 3rd army did not pursue the French but remained in Alsace and moved slowly south, attacking and destroying the French garrisons in the vicinity. About 160,000 French soldiers were besieged in the fortress of Metz following
1440-436: A range of only 600 m (2,000 ft) and lacked the rubber breech seal that permitted aimed shots. The deficiencies of the needle gun were more than compensated for by the famous Krupp 6-pounder (6 kg despite the gun being called a 6-pounder, the rifling technology enabled guns to fire twice the weight of projectiles in the same calibre) steel breech-loading cannons being issued to Prussian artillery batteries. Firing
1530-583: A reserve and to guard against a Prussian advance through Belgium . A pre-war plan laid down by the late Marshal Niel called for a strong French offensive from Thionville towards Trier and into the Prussian Rhineland. This plan was discarded in favour of a defensive plan by Generals Charles Frossard and Bartélemy Lebrun , which called for the Army of the Rhine to remain in a defensive posture near
1620-667: A result of the Franco-Austrian War of 1859 . During the Austro-Prussian War of 1866, the Empress Eugénie , Foreign Minister Drouyn de Lhuys and War Minister Jacques Louis Randon were concerned that the power of Prussia might overtake that of France. They unsuccessfully urged Napoleon to mass troops at France's eastern borders while the bulk of the Prussian armies were still engaged in Bohemia as
1710-488: A return to the French borders of 1814, with the annexation of Luxembourg , most of Saarland , and the Bavarian Palatinate . Bismarck flatly refused what he disdainfully termed France's politique des pourboires ("tipping policy"). He then communicated Napoleon III's written territorial demands to Bavaria and the other southern German states of Württemberg , Baden and Hesse-Darmstadt , which hastened
1800-542: A revolutionary uprising which seized and held power for two months before its suppression; the event would influence the politics and policies of the Third Republic . The causes of the Franco-Prussian War are rooted in the events surrounding the lead up to the unification of the German states under Otto von Bismarck . France had gained the status of being the dominant power of continental Europe as
1890-471: A rubber ring seal and a smaller bullet, the Chassepot had a maximum effective range of some 1,500 metres (4,900 ft) with a short reloading time. French tactics emphasised the defensive use of the Chassepot rifle in trench-warfare style fighting—the so-called feu de bataillon . The artillery was equipped with rifled, muzzle-loaded La Hitte guns . The army also possessed a precursor to the machine-gun:
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#17327727797961980-402: A war against France both inevitable and necessary to arouse German nationalism in those states that would allow the unification of a great German empire. This aim was epitomized by Prussian Chancellor Otto von Bismarck's later statement: "I did not doubt that a Franco-German war must take place before the construction of a United Germany could be realised." Bismarck also knew that France should be
2070-557: A warning that no territorial changes could be effected in Germany without consulting France. As a result of Prussia's annexation of several German states which had sided with Austria during the war and the formation of the North German Confederation under Prussia's aegis, French public opinion stiffened and now demanded more firmness as well as territorial compensations. As a result, Napoleon demanded from Prussia
2160-460: Is a contemporary model for forming currency unions. Membership in the EMU requires that countries follow a strictly defined set of criteria (the member states are required to have a specific rate of inflation, government deficit , government debt , long-term interest rates and exchange rate ). Many other unions have adopted the view that convergence is necessary, so they now follow similar rules to aim
2250-699: The Siege of Metz and the Battle of Sedan , resulted in the capture of the French Emperor Napoleon III and the decisive defeat of the army of the Second Empire ; a Government of National Defense was formed in Paris on 4 September and continued the war for another five months. German forces fought and defeated new French armies in northern France, then besieged Paris for over four months before it fell on 28 January 1871, effectively ending
2340-628: The Treaty of Paris following the Crimean War a precondition for the union. But Imperial France was not ready to do this. "Bonaparte did not dare to encroach on the Paris Treaty: the worse things turned out in the present, the more precious the heritage of the past became". The French Army consisted in peacetime of approximately 426,000 soldiers, some of them regulars, others conscripts who until March 1869 were selected by ballot and served for
2430-658: The War of 1870 , was a conflict between the Second French Empire and the North German Confederation led by the Kingdom of Prussia . Lasting from 19 July 1870 to 28 January 1871, the conflict was caused primarily by France's determination to reassert its dominant position in continental Europe, which appeared in question following the decisive Prussian victory over Austria in 1866 . According to some historians, Prussian chancellor Otto von Bismarck deliberately provoked
2520-422: The mitrailleuse , which could unleash significant, concentrated firepower but nevertheless lacked range and was comparatively immobile, and thus prone to being easily overrun. The mitrailleuse was mounted on an artillery gun carriage and grouped in batteries in a similar fashion to cannon. The army was nominally led by Napoleon III, with Marshals François Achille Bazaine and Patrice de MacMahon in command of
2610-434: The optimal currency area addresses the question of how to determine what geographical regions should share a currency in order to maximize economic efficiency. Implementing a new currency in a country is always a controversial topic because it has both many advantages and disadvantages. New currency has different impacts on businesses and individuals, which creates more points of view on the usefulness of currency unions. As
2700-459: The 2nd Army in front and the 1st Army on its left flank, while the 3rd Army closed towards the rear. The aging General von Steinmetz made an overzealous, unplanned move, leading the 1st Army south from his position on the Moselle . He moved straight toward the town of Spicheren, cutting off Prince Frederick Charles from his forward cavalry units in the process. On the French side, planning after
2790-475: The Austro-Prussian War, were treading carefully before stating that they would only side with France if the south Germans viewed the French positively. This did not materialize as the four South German states had come to Prussia's aid and were mobilizing their armies against France. Napoleon III was under substantial domestic pressure to launch an offensive before the full might of Moltke's forces
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2880-454: The Congo [REDACTED] New Caledonia [REDACTED] Wallis and Futuna [REDACTED] Antigua and Barbuda [REDACTED] Dominica [REDACTED] Grenada [REDACTED] Montserrat [REDACTED] Saint Kitts and Nevis [REDACTED] Saint Lucia [REDACTED] Saint Vincent and
2970-1028: The European System of Central Banks. The Governing Board consists of the Executive Committee of the ECB and the governors of individual national banks, and determines the monetary policy, as well as short-term monetary objectives, key interest rates and the extent of monetary reserves. Franco-Prussian War German victory Before 18 January 1871 : [REDACTED] North German Confederation [REDACTED] Bavaria [REDACTED] Württemberg [REDACTED] Baden Total deployment : Initial strength : Peak field army strength : Total deployment : Initial strength : Peak field army strength : 756,285 144,642 The Franco-Prussian War or Franco-German War , often referred to in France as
3060-506: The Franco-Prussian War broke out before these reforms could be completely implemented. The mobilisation of reservists was chaotic and resulted in large numbers of stragglers, while the Garde Mobile were generally untrained and often mutinous. French infantry were equipped with the breech-loading Chassepot rifle , one of the most modern mass-produced firearms in the world at the time, with 1,037,555 available in French inventories. With
3150-459: The French defended their position just outside Frœschwiller. By afternoon, the Germans had suffered c. 10,500 killed or wounded and the French had lost a similar number of casualties and another c. 9,200 men taken prisoner, a loss of about 50%. The Germans captured Fröschwiller which sat on a hilltop in the centre of the French line. Having lost any hope for victory and facing
3240-578: The French had a chance to sweep away the key Prussian defense, and to escape. Two Prussian corps had attacked the French advance guard, thinking that it was the rearguard of the retreat of the French Army of the Meuse. Despite this misjudgment the two Prussian corps held the entire French army for the whole day. Outnumbered 5 to 1, the extraordinary élan of the Prussians prevailed over gross indecision by
3330-524: The French into declaring war by releasing an altered summary of the Ems Dispatch , a telegram sent by William I rejecting French demands that Prussia never again support a Hohenzollern candidacy. Bismarck's summary, as mistranslated by the French press Havas , made it sound as if the king had treated the French envoy in a demeaning fashion, which inflamed public opinion in France. French historians François Roth and Pierre Milza argue that Napoleon III
3420-443: The French into declaring war on Prussia in order to induce four independent southern German states— Baden , Württemberg , Bavaria and Hesse-Darmstadt —to join the North German Confederation ; other historians contend that Bismarck exploited the circumstances as they unfolded. All agree that Bismarck recognized the potential for new German alliances, given the situation as a whole. France mobilised its army on 15 July 1870, leading
3510-751: The General Staff were hand-picked from the Prussian Kriegsakademie (War Academy). Moltke embraced new technology, particularly the railroad and telegraph, to coordinate and accelerate mobilisation of large forces. On 28 July 1870 Napoleon III left Paris for Metz and assumed command of the newly titled Army of the Rhine, some 202,448 strong and expected to grow as the French mobilization progressed. Marshal MacMahon took command of I Corps (4 infantry divisions) near Wissembourg , Marshal François Canrobert brought VI Corps (4 infantry divisions) to Châlons-sur-Marne in northern France as
3600-517: The German border and repel any Prussian offensive. As Austria, along with Bavaria, Württemberg, and Baden were expected to join in a revenge war against Prussia, I Corps would invade the Bavarian Palatinate and proceed to "free" the four South German states in concert with Austro-Hungarian forces. VI Corps would reinforce either army as needed. Unfortunately for Frossard's plan, the Prussian army mobilised far more rapidly than expected. The Austro-Hungarians, still reeling after their defeat by Prussia in
3690-687: The German states. The fragmented states of the German Confederation agreed on common policies to increase trade and political unity. The Latin Monetary Union , comprising France, Belgium, Italy, Switzerland, and Greece, existed between 1865 and 1927, with coinage made of gold and silver . Coins of each country were legal tender and freely interchangeable across the area. The union's success made other states join informally. The Scandinavian Monetary Union , comprising Sweden, Denmark, and Norway, existed between 1873 and 1905 and used
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3780-2145: The Grenadines [REDACTED] Austria [REDACTED] Belgium [REDACTED] Croatia [REDACTED] Cyprus [REDACTED] Estonia [REDACTED] Finland [REDACTED] France [REDACTED] Germany [REDACTED] Greece [REDACTED] Ireland [REDACTED] Italy [REDACTED] Latvia [REDACTED] Lithuania [REDACTED] Luxembourg [REDACTED] Malta [REDACTED] Netherlands [REDACTED] Portugal [REDACTED] Slovakia [REDACTED] Slovenia [REDACTED] Spain and EU special territories : [REDACTED] French Southern and Antarctic Lands [REDACTED] Saint Barthélemy [REDACTED] Saint Pierre and Miquelon [REDACTED] Akrotiri and Dhekelia [REDACTED] Andorra [REDACTED] Kosovo [REDACTED] Monaco [REDACTED] Montenegro [REDACTED] San Marino [REDACTED] Vatican City Brunei dollar [REDACTED] Singapore and external territories : [REDACTED] Ashmore and Cartier Islands [REDACTED] Australian Antarctic Territory [REDACTED] Christmas Island [REDACTED] Cocos (Keeling) Islands [REDACTED] Coral Sea Islands Territory [REDACTED] Heard Island and McDonald Islands [REDACTED] Norfolk Island [REDACTED] Kiribati [REDACTED] Nauru [REDACTED] Tuvalu and Overseas Territories : [REDACTED] British Antarctic Territory [REDACTED] British Indian Ocean Territory [REDACTED] Falkland Islands [REDACTED] Gibraltar [REDACTED] Saint Helena, Ascension and Tristan da Cunha [REDACTED] South Georgia and
3870-668: The III Corps launched a risky attack. The French were routed and the III Corps captured Vionville, blocking any further escape attempts to the west. Once blocked from retreat, the French in the fortress of Metz had no choice but to engage in a fight that would see the last major cavalry engagement in Western Europe. The battle soon erupted, and III Corps was shattered by incessant cavalry charges , losing over half its soldiers. The German Official History recorded 15,780 casualties and French casualties of 13,761 men. On 16 August,
3960-701: The North German Confederation to respond with its own mobilisation later that day. On 16 July 1870, the French parliament voted to declare war on Prussia; France invaded German territory on 2 August. The German coalition mobilised its troops much more effectively than the French and invaded northeastern France on 4 August. German forces were superior in numbers, training, and leadership and made more effective use of modern technology, particularly railways and artillery. A series of hard-fought Prussian and German victories in eastern France, culminating in
4050-437: The Prussian 40th Regiment of the 16th Infantry Division from the town of Saarbrücken with a series of direct attacks. The Chassepot rifle proved its worth against the Dreyse rifle , with French riflemen regularly outdistancing their Prussian counterparts in the skirmishing around Saarbrücken. However the Prussians resisted strongly, and the French suffered 86 casualties to the Prussian 83 casualties. Saarbrücken also proved to be
4140-557: The Prussian Army, when potentially 1,000,000 would be required. Under Marshal Adolphe Niel , urgent reforms were made. Universal conscription and a shorter period of service gave increased numbers of reservists, who would swell the army to a planned strength of 800,000 on mobilisation. Those who for any reason were not conscripted were to be enrolled in the Garde Mobile , a militia with a nominal strength of 400,000. However,
4230-508: The Rhine in Saarbrücken back across the river to Spicheren and Forbach. Marshal MacMahon, now closest to Wissembourg, spread his four divisions 20 miles (32 km) to react to any Prussian-Bavarian invasion. This organization was due to a lack of supplies, forcing each division to seek out food and forage from the countryside and from the representatives of the army supply arm that was supposed to furnish them with provisions. What made
4320-1885: The South Sandwich Islands and Crown Dependencies : [REDACTED] Bailiwick of Guernsey [REDACTED] Bailiwick of Jersey [REDACTED] Isle of Man [REDACTED] Bhutan [REDACTED] Nepal Nepal minor usage and Realm : [REDACTED] Cook Islands [REDACTED] Niue [REDACTED] Tokelau [REDACTED] Pitcairn Islands [REDACTED] Palestine [REDACTED] Palestine ( West Bank only) [REDACTED] Abkhazia [REDACTED] South Ossetia [REDACTED] Namibia [REDACTED] South Africa [REDACTED] Eswatini [REDACTED] Switzerland [REDACTED] Turkish Republic of Northern Cyprus and insular areas : [REDACTED] American Samoa [REDACTED] Guam [REDACTED] United States Minor Outlying Islands [REDACTED] Northern Mariana Islands [REDACTED] Puerto Rico [REDACTED] United States Virgin Islands and Compact of Free Association members : [REDACTED] Marshall Islands [REDACTED] Federated States of Micronesia [REDACTED] Palau [REDACTED] Ecuador [REDACTED] El Salvador [REDACTED] Panama [REDACTED] Timor-Leste [REDACTED] Turks and Caicos Islands [REDACTED] British Virgin Islands [REDACTED] BES islands (Panama only) Note: Every customs and monetary union and economic and monetary union also has
4410-485: The Union. The monetary union was never accompanied by a tariff union as well. This stresses its partial nature - it never formed a vital part of these countries' international economic relations. Other experts take a more positive view, arguing that no other politically independent countries went equally far in their monetary integration. From an international perspective, it was the most successful of all monetary unions during
4500-400: The aggressor in the conflict to bring the four southern German states to side with Prussia, hence giving Germans numerical superiority. He was convinced that France would not find any allies in her war against Germany for the simple reason that "France, the victor, would be a danger to everybody—Prussia to nobody," and he added, "That is our strong point." Many Germans also viewed the French as
4590-485: The armies of France would take up a defensive position that would protect against every possible attack point, but also left the armies unable to support each other. While the French army under General MacMahon engaged the German 3rd Army at the Battle of Wörth , the German 1st Army under Steinmetz finished their advance west from Saarbrücken. A patrol from the German 2nd Army under Prince Friedrich Karl of Prussia spotted decoy fires nearby and Frossard's army farther off on
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#17327727797964680-478: The border at Wissembourg. Upon learning from captured Prussian soldiers and a local area police chief that the Prussian Crown Prince's Third Army was just 30 miles (48 km) north from Saarbrücken near the Rhine river town Wissembourg, General Le Bœuf and Napoleon III decided to retreat to defensive positions. General Frossard, without instructions, hastily withdrew his elements of the Army of
4770-415: The border, attacked in overwhelming but uncoordinated fashion by the German 3rd Army. During the day, elements of a Bavarian and two Prussian corps became engaged and were aided by Prussian artillery, which blasted holes in the city defenses. Douay held a very strong position initially, thanks to the accurate long-range rapid fire of the Chassepot rifles, but his force was too thinly stretched to hold it. Douay
4860-897: The cessation of the common currency arrangement, Malaysia (the combination of Federation of Malaya, North Borneo, Sarawak), Singapore and Brunei began issuing their own currencies. Contemporarily, a currency reunion of these countries might still be feasible based on the findings of economic convergence. [REDACTED] Benin [REDACTED] Burkina Faso [REDACTED] Côte d'Ivoire [REDACTED] Guinea-Bissau [REDACTED] Mali [REDACTED] Niger [REDACTED] Senegal [REDACTED] Togo Central African CFA franc users: [REDACTED] Cameroon [REDACTED] Central African Republic [REDACTED] Chad [REDACTED] Equatorial Guinea [REDACTED] Gabon [REDACTED] Republic of
4950-578: The comparatively long period of seven years. Some of them were veterans of previous French campaigns in the Crimean War , Algeria , the Franco-Austrian War in Italy, and in the Mexican campaign . However, following the " Seven Weeks War " between Prussia and Austria four years earlier, it had been calculated that, with commitments in Algeria and elsewhere, the French Army could field only 288,000 men to face
5040-401: The conclusion of defensive military alliances with these states. France had been strongly opposed to any further alliance of German states, which would have threatened French continental dominance. The only result of French policy was the consent of Prussia to nominal independence for Saxony, Bavaria, Wurttemberg, Baden, and Hessia-Darmstadt; this was a small victory, and one without appeal to
5130-419: The defeats on the frontier. A retirement from Metz to link up with French forces at Châlons was ordered on 15 August and spotted by a Prussian cavalry patrol under Major Oskar von Blumenthal. Next day a grossly outnumbered Prussian force of 30,000 men of III Corps (of the 2nd Army) under General Constantin von Alvensleben , found the French Army near Vionville, east of Mars-la-Tour. Despite odds of four to one,
5220-530: The differences between the North Germanic languages . The political union between Sweden and Norway was dissolved in 1905, but this did not affect the basis for co-operation in the monetary union. All three countries still use the same currencies as during the monetary union, but they lost their peg, one to one, in 1914. The Icelandic króna is a derivative of the Danish krone, established after Iceland
5310-450: The disaster at Wissembourg had become essential. General Le Bœuf, flushed with anger, was intent upon going on the offensive over the Saar and countering their loss. However, planning for the next encounter was more based upon the reality of unfolding events rather than emotion or pride, as Intendant General Wolff told him and his staff that supply beyond the Saar would be impossible. Therefore,
5400-480: The dominant European land power. Bismarck maintained great authority in international affairs for two decades, developing a reputation for Realpolitik that raised Germany's global stature and influence. In France, it brought a final end to imperial rule and began the first lasting republican government. Resentment over the French government's handling of the war and its aftermath triggered the Paris Commune ,
5490-529: The effect on French public opinion that Bismarck had intended. "This text produced the effect of a red flag on the Gallic bull", Bismarck later wrote. Gramont, the French foreign minister, declared that he felt "he had just received a slap". The leader of the monarchists in Parliament, Adolphe Thiers , spoke for moderation, arguing that France had won the diplomatic battle and there was no reason for war, but he
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#17327727797965580-533: The field armies. However, there was no previously arranged plan of campaign in place. The only campaign plan prepared between 1866 and 1870 was a defensive one. The German army comprised that of the North German Confederation led by the Kingdom of Prussia , and the South German states drawn in under the secret clause of the preliminary peace of Nikolsburg, 26 July 1866, and formalised in the Treaty of Prague , 23 August 1866. Recruitment and organisation of
5670-465: The heights. The Battle of Wörth began when the two armies clashed again on 6 August near Wörth in the town of Frœschwiller , about 10 miles (16 km) from Wissembourg . The Crown Prince of Prussia's 3rd army had, on the quick reaction of his Chief of Staff General von Blumenthal, drawn reinforcements which brought its strength up to 140,000 troops. The French had been slowly reinforced and their force numbered only 35,000. Although badly outnumbered,
5760-498: The krone: one gram of fine gold worth 2.79 marks was equivalent to 2.48 krone (or 0.4032 g gold per krone). The British pound (the "world currency" of the time) was equal to 18.16 kroner, and the franc of France and the Latin Monetary Union was worth 0.72 krone. Sweden's long-established tradition of using paper currency eased the implementation of a Gold Exchange Standard wherein gold coins rarely circulated but
5850-511: The long-term survival of the House of Bonaparte . A national plebiscite held on 8 May 1870, which returned results overwhelmingly in favor of the Emperor's domestic agenda, gave the impression that the regime was politically popular and in a position to confront Prussia. Within days of the plebiscite, France's pacifist Foreign Minister Napoléon, comte Daru , was replaced by Agenor, duc de Gramont ,
5940-524: The mainland and in regards to third countries through the trade pacts signed by the mainland state. The European currency union is a part of the Economic and Monetary Union of the European Union (EMU). EMU was formed during the second half of the 20th century after historic agreements, such as Treaty of Paris (1951) , Maastricht Treaty (1992). In 2002, the euro , a single European currency,
6030-457: The menace of the Bavarians is simply bluff" . Even though Ducrot shrugged off the possibility of an attack by the Germans, MacMahon tried to warn his other three division commanders, without success. The first action of the Franco-Prussian War took place on 4 August 1870. This battle saw the unsupported division of General Douay of I Corps, with some attached cavalry, which was posted to watch
6120-402: The perceived security led to a situation where the formally separate currencies were accepted on a basis of "as good as" the legal tender virtually throughout the entire area. Upon acceding to the union, Sweden had the name of its currency changed from Riksdaler Riksmynt to Swedish krona . The word "krone/krona" literally means " crown ", and the differences in spelling of the name represent
6210-470: The respective central banks (the Sveriges Riksbank , Danmarks Nationalbank and Norges Bank ) centralized their respective gold reserves and guaranteed the conversion of krone banknotes to gold for export purposes. The union provided fixed exchange rates and stability in monetary terms, but the member countries continued to issue their own separate currencies. Although not initially foreseen,
6300-465: The same direction. Divergence is the exact opposite of convergence. Countries with different goals are very difficult to integrate in a single currency union. Their economic behaviour is completely different, which may lead to disagreements. Divergence is therefore not optimal for forming a currency union. The first currency unions were established in the 19th century. The German Zollverein came into existence in 1834, and by 1866, it included most of
6390-540: The silver Reichsthaler , defined by the Hamburg Bank as 25.28 grams fine silver, which was equal to one Norwegian speciedaler or two Danish rigsdaler . Sweden's riksdaler specie was slightly heavier at 25.5 g and was equal to four Swedish riksdaler riksgalds . The Scandinavian switch to the gold standard was triggered by Germany's adoption of the German gold mark in 1873 and of the consequent disturbance in
6480-457: The silver market. The monetary union established the gold krone ( krona in Swedish) replacing the legacy currencies at the rate of 1 krone = 1 Swedish riksdaler = 1 ⁄ 2 Danish rigsdaler = 1 ⁄ 4 Norwegian speciedaler = 1 ⁄ 4 Hamburg reichsthaler . The latter's conversion to 4.50 German gold marks (hence, 1 krone = 1.125 marks) established the gold parity of
6570-667: The southeast in addition to the forces to the north and northeast. Moltke had indeed massed three armies in the area—the Prussian First Army with 50,000 men, commanded by General Karl von Steinmetz opposite Saarlouis , the Prussian Second Army with 134,000 men commanded by Prince Friedrich Karl opposite the line Forbach - Spicheren , and the Prussian Third Army with 120,000 men commanded by Crown Prince Friedrich Wilhelm , poised to cross
6660-400: The time he realized what kind of a force he was opposing, it was too late. Seriously flawed communications between Frossard and those in reserve under Bazaine slowed down so much that by the time the reserves received orders to move out to Spicheren, German soldiers from the 1st and 2nd armies had charged up the heights. Because the reserves had not arrived, Frossard erroneously believed that he
6750-457: The time of the classic gold standard . Monetary union A currency union (also known as monetary union ) is an intergovernmental agreement that involves two or more states sharing the same currency . These states may not necessarily have any further integration (such as an economic and monetary union , which would have, in addition, a customs union and a single market ). There are three types of currency unions: The theory of
6840-443: The town of Wissembourg finally surrendered to the Germans. The French troops who did not surrender retreated westward, leaving behind 1,000 dead and wounded and another 1,000 prisoners and all of their remaining ammunition. The final attack by the Prussian troops also cost c. 1,000 casualties. The German cavalry then failed to pursue the French and lost touch with them. The attackers had an initial superiority of numbers,
6930-425: The traditional destabilizer of Europe, and sought to weaken France to prevent further breaches of the peace. The immediate cause of the war was the candidacy of Leopold of Hohenzollern-Sigmaringen to the throne of Spain. France feared an encirclement resulting from an alliance between Prussia and Spain. The Hohenzollern prince's candidacy was withdrawn under French diplomatic pressure, but Otto von Bismarck goaded
7020-446: The various armies were almost identical, and based on the concept of conscripting annual classes of men who then served in the regular regiments for a fixed term before being moved to the reserves. This process gave a theoretical peace time strength of 382,000 and a wartime strength of about 1,189,000. German tactics emphasised encirclement battles like Cannae and using artillery offensively whenever possible. Rather than advancing in
7110-575: The war virtually without allies. The calculation was for a victorious offensive, which, as the French Foreign Minister Gramont stated, was "the only way for France to lure the wary Austrians, Italians and Danes into the French alliance". The involvement of Russia on the side of France was not considered by her at all, since Russia made the lifting of restrictions on its naval construction on the Black Sea imposed on Russia by
7200-484: The war. In the final days of the war, with German victory all but assured, the German states proclaimed their union as the German Empire under the Prussian king Wilhelm I and Chancellor Bismarck. With the notable exceptions of Austria and German Switzerland , the vast majority of German-speakers were united under a nation-state for the first time. Following an armistice with France, the Treaty of Frankfurt
7290-413: Was a complete system of coin, banknotes and common drawing rights available to the central banks. Although it was effective in its own limited monetary terms, the Union, however, was only of minor importance in the total foreign relations of the member countries. Moreover, the trade between the member countries composed only a small part of their total trade, a share that was in decline during the lifetime of
7380-555: Was adopted by 12 member states. Currently, the Eurozone has 20 member states. The other members of the European Union are required to adopt the euro as their currency (except for Denmark, which has been given the right to opt out), but there has not been a specific date set. The main independent institution responsible for stability of the euro is the European Central Bank (ECB). Together with 15 national banks it forms
7470-410: Was drowned out by cries that he was a traitor and a Prussian. Napoleon's new prime minister, Emile Ollivier , declared that France had done all that it could humanly and honorably do to prevent the war, and that he accepted the responsibility "with a light heart". A crowd of 15,000–20,000 people, carrying flags and patriotic banners, marched through the streets of Paris, demanding war. French mobilization
7560-441: Was elevated to a separate kingdom in union with Denmark in 1918. Iceland cut its ties to Denmark in 1944 and became a republic. The Icelandic króna soon became volatile, causing a high inflation and in 1980 a currency reform was introduced, in which 1 new Icelandic króna was set to 100 original ones. The Scandinavian Monetary Union was inspired by the Latin Monetary Union , established in 1865. As Scandinavia became industrialized,
7650-516: Was in grave danger of being outflanked, as German soldiers under General von Glume were spotted in Forbach. Instead of continuing to defend the heights, by the close of battle after dusk he retreated to the south. The German casualties were relatively high due to the advance and the effectiveness of the Chassepot rifle. They were quite startled in the morning when they had found out that their efforts were not in vain—Frossard had abandoned his position on
7740-427: Was killed in the late morning when a caisson of the divisional mitrailleuse battery exploded near him; the encirclement of the town by the Prussians then threatened the French avenue of retreat. The fighting within the town had become extremely intense, becoming a door to door battle of survival. Despite an unceasing attack from Prussian infantry, the soldiers of the 2nd Division kept to their positions. The people of
7830-536: Was mobilized and deployed. Reconnaissance by Frossard's forces had identified only the Prussian 16th Infantry Division guarding the border town of Saarbrücken , right before the entire Army of the Rhine. Accordingly, on 31 July the Army marched forward toward the Saar River to seize Saarbrücken. General Frossard's II Corps and Marshal Bazaine's III Corps crossed the German border on 2 August, and began to force
7920-444: Was ordered early on 15 July. Upon receiving news of the French mobilization, the North German Confederation mobilized on the night of 15–16 July, while Bavaria and Baden did likewise on 16 July and Württemberg on 17 July. On 19 July 1870, the French sent a declaration of war to the Prussian government. The southern German states immediately sided with Prussia. Napoleonic France had no documented alliance with other powers and entered
8010-439: Was pressured by a bellicose press and public opinion and thus sought war in response to France's diplomatic failures to obtain any territorial gains following the Austro-Prussian War . Napoleon III believed he would win a conflict with Prussia. Many in his court, such as Empress Eugénie , also wanted a victorious war to resolve growing domestic political problems, restore France as the undisputed leading power in Europe, and ensure
8100-489: Was signed on 10 May 1871, giving Germany billions of francs in war indemnity , as well as most of Alsace and parts of Lorraine , which became the Imperial Territory of Alsace-Lorraine ( Reichsland Elsaß-Lothringen ). The war had a lasting impact on Europe. By hastening German unification , the war significantly altered the balance of power on the continent, with the new German state supplanting France as
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