Pour une monnaie européenne

Abstract

A european currency would increase the mobility of the factors of production between the countries involved. It would also offset the power of the dollar and the yen. It is, therefore, desirable. The ecu must not be just another currency being used at the same time as national currencies, whose values would probably take different courses. It must take their place and be unique. It will be defined neither as a permanently weighted average of the national currencies nor as a weight of gold. Its value will be determined once and for all on the basis of the national currencies just before they vanish. As it will be legal tender, it will be used as a means of payment. Furthermore it will be accepted as a reserve currency if the European central bank managed it adequately. This Bank must be independent of governments and unable to grant loans to the states. It must enforce identical short-term credit conditions in all the countries using its currency. Creating the écu as a genuine currency is a matter of urgency. The EMS certainly has advantages, but its drawbacks are considerable as exchange rates can be reviewed and the French franc is subordinated to the DM. The alternative solution consists recurrent devaluations of the franc either in the frame work of the EMS or out of it would be counterproductive for the french economy. It is true that accepting the ecu on the face of it implies giving up national monetary sovereignty. But this sovereignty has always been more or less illusory, and would in fact be stronger should it be delegated and shared in the Framework of a European institution.