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By Jacques Riboud
The writer doesn't think that the governments of the ecu neighborhood - even if that they could agree at the subject - will reach implementing 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 forex will merely be selected whether it is larger than the entire possible choices and if it's been effectively 'promoted'.
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Additional resources for A Stable External Currency for Europe
Bank A, for its part, continues to receive the interest paid by its customer on the loan of 100 it granted him. A has lost the benefit of the reserves it transferred to B but it benefits, in its turn, from the MM rate paid on the reserves transferred by X, as a result of a transfer order in favour of A by one of X's customers. The seigniorage is lost by the bank that created the unit of money in question but it stays with the member banks of the banking system as a whole. The daily clearing of mutual claims and the money market, on which banks buy and sell claims in return for central bank money, are the mechanisms which make it possible for a group of banks operating together within a banking 'system' to function to all intents and purposes like a single bank.
Systems do not develop spontaneously; they must be organised. The private ECU will be no exception to this rule: it will not be able to work without a system of its own, which will also have to be private and will need to be designed in the light of the lessons that may be learnt from the models that we have before our eyes, which have been analysed at some length in the previous pages. The form of monetary organisation described in the previous chapter will be subjected to 'simulations' of its working procedures in a series of examples, accompanied by accounting tables and diagrams, starting with the pivot of the whole enterprise, which is the central office.
At the end of the day its central E assets have fallen from 115 to 111. When the books are closed, the central office's national currency reserves have increased to 57 whilst it has contracted borrowings amounting to 100, thus resulting in a deficit which is balanced out by the corresponding central E amount of 43 (representing a debt for the central office) which was debited to A, Band C's accounts. Initially the member banks borrowed 300E from the office compared with a claim for the same amount on the office.
A Stable External Currency for Europe by Jacques Riboud