By Jacques Riboud
The writer doesn't think that the governments of the eu group - although that they could agree at the subject - will achieve enforcing the european as a fee and reserve foreign money to be used within the EEC's exterior exchange. within the exterior marketplace the alternative of forex is loose and a new forex will basically be selected whether it is higher than all of the possible choices and if it's been effectively 'promoted'.
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Additional resources for A Stable External Currency for Europe
Comment on page 27. A visit to the New York Clearing House gives a concrete representation of this mechanism as applied to the Euromarket. At the same time it shows how the various interest rates paid by borrowers to Eurobanks are calculated. In the basement, transfer orders to US banks deriving from Eurobanks overseas throughout the world are entered into computers and cleared. On the first floor, in parallel with this, payment orders and cheques issued within the territory of the United States, denominated in US currency and drawn on US banks, are similarly cleared.
In order for this system to work, there is an instrument: the central bank money issued by the central bank in the form of claims on itself. This system makes it possible for the banks that are located within a national territory (13 500 in the United States) to create payment money in claims on themselves and to put it into circulation among the public, whilst at the same time remaining within the limits of a minimum of solidarity and discipline. In our system, by very reason of the nature of the territory to which it will apply, there is no government or central bank.
This variable does have a direct effect on the cut in the seigniorage (taken at the MM rate) that results when interest is paid on demand deposits. On the domestic market in France the average time spent in a given account by non-interestbearing deposits (demand deposits) amounts to three days for company accounts, 19 days for family business accounts and 34 days for private customer accounts. The period during which interest-bearing deposits remain in a savings account is ten months. In the case of short-term SICAVs (a form of unit trust), the period is four months and three weeks.
A Stable External Currency for Europe by Jacques Riboud