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Michel AGLIETTA et André ORLÉAN constatent qu'autrefois chasse gardée du prince, la politique de change est toujours aujourd'hui jalousement exercée par les États nation. Dans les faits on constate que les nations décident seules d'entrer dans tel ou tel système de parité́. Ainsi le Royaume uni adopte un système d'étalon or dès 1817 tandis que l'Allemagne ne le fait qu'en 1873 et les pays de l'Union latine en 1878. De même, la Royaume uni décide d'adopter un taux de change flottant le 21 septembre 1931 alors que la France reste en situation de changes fixes jusqu'en 1936.

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