How to save the euro?
- From: "DVH" <dvh@xxxxxxxxxxxx>
- Date: Tue, 28 Feb 2006 21:43:31 -0000
"Do you want to save the Euro? Well one idea for how to do it has been
proposed by University of Missouri-St Louis history professor John
Gillingham: reissuing the 12 national currencies that were replaced with
just one, while at the same time retaining the euro as a parallel currency
that finds its market value in competition to reissued national currencies.
This would seem to have the advantage that you can still move round the
eurozone and pay for your holidays in one currency while at the same time
allowing national governments to run their own - appropriate, tailor made -
economic policies. It would also seem, however, to have the rather
substantial disadvantage is that it significantly resembles all those
proposals for scrip money which were current in Argentina just before the
final crash. It would also - depending on the details - seem to fall foul of
what is known in the trade as Gresham's Law: ie bad money will always and
inevitably drive out good."
http://fistfulofeuros.net/archives/002390.php
.
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