# Lex monetae

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In which a sovereign decides its own currency

***Lex monetae*** is a [Latin](/source/Latin) phrase which means that a sovereign state chooses which [currency](/source/Currency) it will use[1] and that the meaning of units of above-mentioned currency is determined by the law of the country whose money is in question.[2]

The concept has been identified as a potential problem if the [Eurozone](/source/Eurozone) breaks up or a member state decides to leave it, since debts in [euros](/source/Euro) may turn into debts owed in another currency.[3] 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.[4]

## References

1. **[^](#cite_ref-Eurocoins_1-0)** ["Eurozone"](http://www.eurocoins.co.uk/eurozone.html). Eurocoins. Retrieved May 20, 2012.

1. **[^](#cite_ref-2)** Garner, Bryan A. (2001). [*A Dictionary of Modern Legal Usage*](https://archive.org/details/dictionaryofmode00garn_0). Oxford University Press. p. [526](https://archive.org/details/dictionaryofmode00garn_0/page/526). [ISBN](/source/ISBN_(identifier)) [9780195142365](https://en.wikipedia.org/wiki/Special:BookSources/9780195142365). Retrieved July 2, 2015. Lex monetae.

1. **[^](#cite_ref-Euro_break_up_3-0)** ["Multinationals sweep euros from accounts on daily basis"](https://www.telegraph.co.uk/finance/comment/9278128/Multinationals-sweep-euros-from-accounts-on-daily-basis.html). Telegraph. 20 May 2012. Retrieved May 20, 2012.

1. **[^](#cite_ref-morganstanley_4-0)** ["Lex Monetae"](https://web.archive.org/web/20171023164807/http://morganstanleycontent.intuition.com/lms/glossary/a_to_z_definition.asp?188502). Morgan Stanley. Archived from [the original](http://morganstanleycontent.intuition.com/lms/glossary/a_to_z_definition.asp?188502) on October 23, 2017. Retrieved May 20, 2012.

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