Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
To p/n a bit, it's a single currency you're talking about there. A common currency is a different beast.

As we discussed recently, there's nothing under Maastricht to stop a common currency being implemented tomorrow.

It might not be legal tender, but if the credit object is based on something valuable across borders, and uses the € only as a pricing reference (numeraire), there could be a pretty straightforward 'clearing union' solution available.

Eurozone considers new independent funding institution | Business | Deutsche Welle | 23.12.2010

A press report says several European countries including Germany are considering creating a new and independent funding institution to stabilize the euro. But Berlin denies that the plan is official policy. 

Germany is considering a "European stability, growth and investment fund," according to a government paper seen by the Sueddeutsche Zeitung daily. The newspaper said that French Finance Minister Christine Lagarde had called for the 16 eurozone countries to build a strong economic alliance that would explicitly exclude Britain.

Lagarde told the newspaper that London should not be allowed to "hold everyone else up." She also said this "economic government" would have to be consulted if any member state takes a decision that affects the others.

If such a fund were used to invest directly in renewable energy, energy savings and energy infrastructure both throughout and linked to Europe, then the outcome could be a common European currency based on a common 'Energy Pool'.

Then you fix the € as an absolute energy unit, impose a Gesellian charge on positive and negative common currency balances and there's the basis of a new European monetary system.

Domestic european currencies are another story.

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Thu Dec 23rd, 2010 at 03:30:38 PM EST
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