By Jacques Riboud
The writer doesn't think that the governments of the eu neighborhood - although that they could agree at the topic - will reach implementing the eu as a fee and reserve forex to be used within the EEC's exterior alternate. within the exterior marketplace the alternative of foreign money is unfastened and a new foreign money will merely be selected whether it is greater than the entire choices and if it's been effectively 'promoted'.
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Additional info for A Stable External Currency for Europe
The central office and its central ECU would provide the consortium, which would have become a 'system', with the same services as a central bank (and its central bank money) provides a national banking system with, whilst the bank ECUs created by the member banks would circulate by passing from account· to account in their books. These ECUs would have the transaction function: in return for the movement of an ECU from (l)'s account at Bank A to (2)'s account at Bank B, a commodity or a service would pass from (2) to (1).
They entrust the notes to an establishment of one kind or another which makes use of them in their place. The notes are thus recycled. There is no creation of any new payment money, only non-monetary intermediation. This form of intermediation has no effect on the seigniorage, which continues to accrue to the central bank. The bank notes handed in by savers at their banks are passed on to borrowers. The same note can be lent and re-lent several times and thus can act as the foundation for several credit distribution margins, whereas seigniorage is a onceand-for-all occurrence.
Ft:ncy (IE = Id) National currency Reserve Central Es 100 100 Building of 300 (borrowed) reserves (100 to A, 100 to B, 100 to C) Total previous sales - 40 to A, Band C Balance of sales by and to A, Band C: 8 - 6 - 5 = Counterpart of nat. curT. sold to A, Band C - 3 300 - 40 -3 Token entry: Balance of A, B and C's transfers -5+4+1=0 57 100 357 I 357 257 300 Consortium Customers Situation: Loans made Loans repaid Movements in nat. curr. customers central off. B A 150 5 -8 110 5 +8d - 8d Transferred to customers of B 170 15 -6d +6d -6E - 10 to customers of A - 12 of C from customers +8 of A +9 ofC C Received from customers of B C 147 110 C 185 15 200 -8 105 -6 -8 + 3d + 5d +10 + 7 to customers of A ofB from customers of A of B 183 99 -5 120 -6 -8 + 3E -9 -7 + 12 + 5 110 47 The Central Bank Office: A Simulation Central Es Situation Counterpart of movements of nat.
A Stable External Currency for Europe by Jacques Riboud