The Euro as Common Money, not a Single Currency : a Plea for a European Monetary Federalism
Kalinowski, Wojtek; Théret, Bruno (2012-09), The Euro as Common Money, not a Single Currency : a Plea for a European Monetary Federalism. https://basepub.dauphine.fr/handle/123456789/10448
TypeDocument de travail / Working paper
MetadataShow full item record
Abstract (EN)The euro crisis forces us to completely rethink European monetary policy. The European Central Bank’s policy of buying back sovereign debt does not address the real problem: it is only a way of propping up a system that has already failed. A structural response to the crisis would consist of giving states back the power to act, but in a way that would not destroy the monetary union. This paper suggest a way in which, while preserving the Eurozone, each state would put into circulation in its own territory a comple-mentary currency guaranteed by tax revenue and pegged to the euro, what we call a “fiscal currency”. This parallel currency would be a “popular” currency, issued as bills in small denominations and intended for day-to-day purchases. The euro would continue to be used for large transactions, transactions occurring at the European level, and for savings.
Subjects / KeywordsUnions monétaires; Union économique et monétaire; Euro; Système monétaire européen
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