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Press Release: “Geuro” – a parallel currency for Greece is not a new idea

Submitted by on 28/05/2012 – 09:44No Comment

The proposal by Thomas Mayer, chief economist of Deutsche Bank, to prevent the seemingly inevitable withdrawal of Greece from the EMU by introducing the “Geuro” as a national parallel currency sparked a broad public discussion. We welcome his initiative and are pleased to find the long prevailing assumption of a lack of alternatives on this serious matter to be overcome.

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Since 2010 a number of proposals have been published by authors of different backgrounds, all proposing a parallel currency regime as a third way between fiscal union and euro exit. Unfortunately, they previously remained largely ignored by the media.

We acknowledge the idea of parallel currencies as a blueprint for a fundamental restructuring of the European financial architecture. We consider it to be the approriate means to systemtically deal with the structural differences within the euro area.

Now, the extent to which such proposals contribute to the stability of Europe, both politically and economically, depends on their concrete implementation. Their primary focus should be the sustainable benefit of the general population of Greece, and potentially of Portugal, Spain and others.

Hence we suggest the design of such a new financial architecture is not to be determined by banks and financial institutions alone, but should draw on the expertise, ideas and experience of heterodox thinkers and practitioners.

Here is a list of the various proposals known to us and some previous press coverage on the subject.

For the Money Network Alliance “MonNetA” (<http://www.monneta.org/index.php?lang=EN>)

  • Prof. Margrit Kennedy
  • Ludwig Schuster
  • Jens Martignoni
  • Leander Bindewald

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