By Jacques Riboud
The writer doesn't think that the governments of the ecu neighborhood - although that they could agree at the topic - will reach enforcing the european as a money 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 forex will basically be selected whether it is higher than the entire choices and if it's been effectively 'promoted'.
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Extra resources for A Stable External Currency for Europe
The creation of this ECU clearing house is a welcome initiative, but the most important factors in the equation - a central bank and its central bank money - are still missing because the BIS has no such role. All it does is supervise the accounting operations. This international ECU clearing house has opened the door to a private transaction ECU, but only by a few inches. It could be opened much wider (see p. 57 for a detailed description of the clearing house). 1 shows how this mechanism would work.
The seigniorage accruing to the member banks of our consortium will be greater since interest on deposits will be paid in ECUs issued by the consortium. 2 The Consortium and its Interbank Office: A Currency to be 'Sold' The territory within which the new currency will circulate has been defined: it is the vast area, virtual or real, that is to be found between states. This area has no currency of its own, nor has it a central bank. Within this same area there is also the Euromarket. Virgin territory of this kind offers exceptional opportunities.
50) X 1438 = 79 090 million francs. The overall gross credit margin was therefore 189 000 million francs, of which 78 000 million was accounted for by seigniorage and 111 000 million by the credit distribution margin. Before looking at the international sector, let us consider the velocity of circulation. This variable does have a direct effect on the cut in the seigniorage (taken at the MM rate) that results when interest is paid on demand deposits. On the domestic market in France the average time spent in a given account by non-interestbearing deposits (demand deposits) amounts to three days for company accounts, 19 days for family business accounts and 34 days for private customer accounts.
A Stable External Currency for Europe by Jacques Riboud