By Jacques Riboud
The writer doesn't think that the governments of the eu group - even if that they could agree at the topic - will achieve enforcing the eu as a fee and reserve foreign money 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 purely be selected whether it is larger than all of the possible choices and if it's been effectively 'promoted'.
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Extra resources for A Stable External Currency for Europe
Responsibility for running it could be handed over to certain member banks or, preferably, to a private management company. The central money issued by the office (in private ECUs) will be reserved exclusively for the consortium's interbank transactions: no central ECU will reach the hands of the public. This 'central ECU' will function like a kind of counter, such as is used in board games, and it will make it possible for the banks to effect numerous mutually binding operations whilst leaving them total freedom as regards their individual initiatives.
In addition, it also has the machinery of commercial coordination, which is indispensable for the launch of a brand-new currency unit, and it gives the banking system, which is the issuer of the payment ECUs, the benefit of seigniorage on them. The profit from this seigniorage is greater than can be earned from the credit distribution margin, or spread, that accrues to Eurobanks on a currency (the US dollar, for example) which they have not created. A form of organisation of the kind set out above, though it is a necessary precondition, is not in itself enough for the purpose of launching a new currency.
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.
A Stable External Currency for Europe by Jacques Riboud