A Stable External Currency for Europe

Front Matter....Pages i-x
Introduction....Pages 1-8
The Consortium and its Interbank Office: Seigniorage....Pages 9-32
The Consortium and its Interbank Office: A Currency to be ‘Sold’....Pages 33-40
The Central Interbank Office: A Simulation....Pages 41-49
The Consortium: A Simulation....Pages 50-55
Banks Outside the Consortium: A Simulation....Pages 56-59
From the ECU to the ES....Pages 60-73
A Currency that is Better than All the Others....Pages 74-91
The Economist Presents the ‘Phoenix’....Pages 92-105
Exchange Risks and Real Interest Rates....Pages 106-113
Adjusting Exchange Rates by the Use of Targeted Creeping Rates....Pages 114-135
Stage 3: On the European Scene....Pages 136-147
An Internal Currency and an External Currency....Pages 148-158
By Extrapolation: Stage 4....Pages 159-167
The Theoretical Foundations of an Extranational Composite Currency with Stable Purchasing Power, and their Implications....Pages 168-181
From Abstract Theory to the Reality of Practice (with the ES in mind)....Pages 182-201
In Order to Explain the ES: Some Thoughts on Bank Money....Pages 202-213
Epilogue: A Letter to a European....Pages 214-222
Back Matter....Pages 223-228