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
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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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