Greece's departure from the single currency no longer seems imminent.
WSJ: The Weekend Interview with Bernard Connolly: Why the Euro Crisis Isn't Over
Another possibility is to announce that the currency will no longer be fixed at a specific rate.
After all, the currency has no yield support, a continuing trade deficit and the prospect of endless fiscal deficits.
Ireland freely and willingly integrated into the euro currency with no adverse effects which was quite a landmark really during the last term.
As a result, it applies a very different set of criteria in its analysis of investment risk than it would for a private company, or even a government whose currency has no reserve status.
Also, as Argentina demonstrated in 2002, when a new currency with no credibility is suddenly introduced, monetary conditions have to be kept savagely tight in order to maintain any exchange value for the new currency at all.
Under a currency board, no local money is issued unless it is backed by a sound foreign currency, usually the dollar.
It has no currency of its own and has traditionally used the franc and the peseta.
"There is no competitive devaluation, there are no currency wars, " said Sergie Storchak, Russia's deputy finance minister.
No currency conversion fees are charged at any point in the process.
FORBES: WinPoker Becomes First Major Gambling Operator To Adopt Bitcoin
The bonds are priced in dollars so there is no currency risk.
Despite its popularity, however, don't become too enamored with the U.S. dollar, as no currency has held onto the title of "currency of choice" forever.
The movie is set in the near future, where time has replaced money as currency, and no one gets older than twenty-five (the secret is in the gene-splicing).
When it goes into effect on Jan. 1, 1999, individual European countries that are in the currency union will no longer be able to conduct their own monetary policy.
Meanwhile this group, led by Paul Krugman, a columnist with The New York Times, conveniently overlooks the travails of another emerging-market nation that's also a U.S. ally: Turkey, which has no currency board.
The Greek crisis only confirms the folly of binding a group of disparate countries together in a currency zone with no mechanism, such as a central fiscal authority, to address its internal imbalances.
In a statement, the Bundesbank justified its relocation of gold reserves held in France as a natural consequence of the adoption of the euro, noting that as they hold the same currency, there is no need to keep the bars there if the situation arose where they would need foreign currency quick.
FORBES: Germany Repatriating Gold From NY, Paris 'In Case Of A Currency Crisis'
No stable currency zone has ever existed without mechanisms for raising taxes centrally and re-distributing them regionally.
The emerging markets account for almost half of global GDP but have no reserve currency of their own.
Once the idea is spread, no single currency failure can stop its progress.
On purely economic issues surrounding the currency, there was no reason why rural and urban Swedes should vote differently.
Under such a regime no local currency would be issued unless it had 100% backing from hard currency reserves, such as the dollar or the euro.
With inflation under control, the Central Bank was able to slash six zeros off the currency so that it no longer cost a million liras to buy a loaf of bread.
And, no foreign currency work at all.
FORBES: An Interview With Mr. Markets About The Past Week's Turbulence
If that were to happen, demand for dollars would sink, and because there is no other currency to take its place in terms of trade, global inflation would rise as important commodities like agricultural goods, oil and precious metals metals would rise substantially to compensate.
Yet such policies indicate hostility to entrepreneurship and wealth creation and reflect the French Socialist Party's failure to recognise that the world has changed since 1981, when capital controls were in place, the European single market was incomplete, young workers were less mobile and there was no single currency.
This is a no-no when your currency is under siege and GDP momentum stalls out.
It turns out that a currency can thrive even when no one is making laws for it.
People are free to use the currency or not, and no government permission is needed to launch it.
FORBES: Rethinking Money: The Rise Of Hayek's Private Competing Currencies
应用推荐