By Jacques Riboud
The writer doesn't think that the governments of the eu neighborhood - even though that they could agree at the subject - will achieve implementing the european as a money and reserve foreign money to be used within the EEC's exterior exchange. within the exterior industry the alternative of forex is loose and a new foreign money will in basic terms be selected whether it is larger than all of the possible choices and if it's been effectively 'promoted'.
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Extra 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).
It sells the currency to the central office and is credited with the corresponding amount in central Es. A then transfers 10 bank E to B on behalf of one customer and 12E to C on behalf of another one, its account at the central office being debited accordingly and the corresponding amounts being credited to B's and C's accounts in central Es. A receives 8 and 9 from Band C in the same way. At the end of the day's business, credits to A's account amount to 147 whilst its E obligations come to 110.
Launching a new currency in a territory that does not have one of its own (the Euromarket, in other words) is quite another affair, even if the territory in question is ripe for such an innovation. What is called for is a full-blown commercial approach, not merely administrative machinery, and commercial promotion is something that does not usually come within the province of a central bank. The problem that arises in the case of the ECU is one of selling. This is what should decide the way the enterprise is organised.
A Stable External Currency for Europe by Jacques Riboud