Lex monetae

{{Short description|In which a sovereign decides its own currency}} '''''Lex monetae''''' is a [[Latin]] phrase which means that a sovereign state chooses which [[currency]] it will use<ref name="Eurocoins">{{cite web | url=http://www.eurocoins.co.uk/eurozone.html | title=Eurozone | publisher=Eurocoins | accessdate=May 20, 2012}}</ref> and that the meaning of units of above-mentioned currency is determined by the law of the country whose money is in question.<ref>{{cite book |last= Garner |first= Bryan A.|date= 2001|title=A Dictionary of Modern Legal Usage |url=https://archive.org/details/dictionaryofmode00garn_0 |url-access= registration |quote= Lex monetae. |location= |publisher= Oxford University Press|page=[https://archive.org/details/dictionaryofmode00garn_0/page/526 526] |isbn=9780195142365 |access-date= July 2, 2015 }}</ref>

The concept has been identified as a potential problem if the [[Eurozone]] breaks up or a member state decides to leave it, since debts in [[euro]]s may turn into debts owed in another currency.<ref name="Euro break up">{{cite web | url=https://www.telegraph.co.uk/finance/comment/9278128/Multinationals-sweep-euros-from-accounts-on-daily-basis.html | title=Multinationals sweep euros from accounts on daily basis | date=20 May 2012 | publisher=Telegraph | accessdate=May 20, 2012}}</ref> Conversion would be at a rate determined by the nation in question, and no party to a contract or transaction will have the right to default on it.<ref name="morganstanley">{{cite web | url=http://morganstanleycontent.intuition.com/lms/glossary/a_to_z_definition.asp?188502 | title=Lex Monetae | publisher=Morgan Stanley | accessdate=May 20, 2012 | archive-url=https://web.archive.org/web/20171023164807/http://morganstanleycontent.intuition.com/lms/glossary/a_to_z_definition.asp?188502 | archive-date=October 23, 2017 | url-status=dead }}</ref>

==References== <references/>

[[Category:Currency]] [[Category:Latin words and phrases]]