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By Jacques Riboud

The writer doesn't think that the governments of the ecu neighborhood - although that they could agree at the subject - will reach enforcing the eu as a check and reserve foreign money to be used within the EEC's exterior alternate. within the exterior marketplace the alternative of foreign money is unfastened and a new forex will merely be selected whether it is higher than the entire possible choices and if it's been effectively 'promoted'.

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Once the transaction is completed, the ECU must remain on deposit for a few days, as any other currency would. It must then be used for another purchase and, once again, take part in a transaction between a debtor and a creditor, after which, once the creditor has been paid, it must be used once again to settle one of the creditor's debts. This kind of result can only be achieved after a programme of 38 A Stable External Currency for Europe intense commercial promotion, involving constant lobbying on the part of the various local branches of the member banks involved in the transactions.

For this reason it is necessary to state without further delay that the private ECU is only seen here as a stage on the road to a payment currency that will be 'better than all the others' (see Chapter 6). COMMENTS Comment on page 15. It is pointless to attempt to convert the ECU from the unit of account that it is at present into a payment money without having a clear understanding of what a transaction is, the mechanism by which it works and the property that a given unit of money mayor may not have of effecting a transaction.

A payment in the Euromarket (which could therefore also be made in ECU) causes movements of claims on banks which are often located on both sides of the Atlantic and sometimes even the Pacific. We need to know which ones and, more specifically, which of them is responsible for the final movement. Understanding the clearing process will at the same time explain how it is that banking systems have come to take the place of the central banks as principal issuers of payment money. Multilateral clearing, either directly or in tiers, has the effect of making it possible for any bank whatsoever to settle its debts in respect of other banks (A, Band C, for example) using the claims that it has on yet other banks (X, Y and Z, say), even though X, Y and Z only have claims on banks other than A, Band C.

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