There are a few important steps to take toward the creation of a gold-based parallel currency.

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While focused on convertibility conservatives are open, encouraging, and supportive of the Austrian proposal of a parallel currency.

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In effect, argues Thomas Mayer, an adviser to Deutsche Bank, Greece could create its own parallel and depreciated currency while still remaining in the monetary union.

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Although Guatemala has legalised the dollar as a domestic currency in parallel with its own quetzal, many of El Salvador's other neighbours and economic competitors have floating exchange rates.

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Those with a bit of foreign currency to sell on the parallel market need to raise billions to fund these occasions.

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However, he also tolerated a legal parallel market that kept the country supplied with hard currency at a higher rate (providing countless opportunities for arbitrage).

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In these circumstances in other countries in the past, a parallel exchange rate has emerged, not a healthy development for a currency union.

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