A Stable External Currency for Europe by Jacques Riboud

By Jacques Riboud

The writer doesn't think that the governments of the ecu neighborhood - although that they could agree at the topic - will achieve implementing the eu as a cost and reserve forex to be used within the EEC's exterior alternate. within the exterior industry the alternative of forex is loose and a new forex will simply be selected whether it is higher than the entire possible choices and if it's been effectively 'promoted'.

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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. The present trend is for the holders of deposits to look for some form of return on any period, however short, during which a deposit is immobile; account will be taken of this trend in calculating the seigniorage on a private transaction ECU. There is one precept for monetary analysis which states that if we wish to interpret transactions correctly we must take our analysis as far as the clearing process.

A right to something should not be confused with the thing itself. All payments in Eurodollars are ultimately made in US dollars. These dollars are created by the US banking system, which keeps the seigniorage on them. The 'value' of the dollar depends solely on the way it is managed domestically. The Federal Reserve Bank takes no account of Eurodollars when selecting its monetary targets. The Consortium and Seigniorage 29 which can no longer justifiably continue to be transferred to American banks.

In order to demonstrate this breakdown into credit distribution margin and seigniorage in the case of bank money, we must take the operation from the beginning, at the moment the bank, Bank A, makes a loan of 100 to its customer at an interest rate of, say, 11 per cent. The profit margin for the bank, as it is usually described by bankers, is the difference between this rate of 11 per cent and the 'cost of money', as calculated at the MM rate. In other words, it is the spread. In fact, once the borrower's account has been credited he will make use of these resources in order to pay a creditor by drawing a cheque on Bank A.

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