From Monetary Unicity to Plurality: French Convertible Local Currencies in Response to the Euro Crisis
Laurence, Nicolas
From Monetary Unicity to Plurality: French Convertible Local Currencies in Response to the Euro Crisis - 2024.
4
This article examines how the diffusion of monetary innovations, such as convertible local currencies (CLCs), can address some of the limitations of the euro during a crisis. It aims to demonstrate the potential of CLCs, particularly in the context of the eurozone crisis, to challenge and complement the existing monetary system. The article focuses on the case of French local currencies, especially the Eusko, the local currency of the Basque Country, which has become the most significant local currency in terms of the money supply circulating in France and Europe. Through an institutionalist analysis, the article explores how crises create opportunities for the reemergence and diffusion of these monetary innovations. By analyzing the development and institutional integration of the Eusko, the article discusses the implications of monetary plurality and the potential transition from a transitional or transformative plurality to an institutionalized plurality within the European Monetary Union. The findings suggest that local currencies, by addressing specific regional needs and promoting economic resilience, can provide new insights into the role of local monetary systems within a unified economic area.
From Monetary Unicity to Plurality: French Convertible Local Currencies in Response to the Euro Crisis - 2024.
4
This article examines how the diffusion of monetary innovations, such as convertible local currencies (CLCs), can address some of the limitations of the euro during a crisis. It aims to demonstrate the potential of CLCs, particularly in the context of the eurozone crisis, to challenge and complement the existing monetary system. The article focuses on the case of French local currencies, especially the Eusko, the local currency of the Basque Country, which has become the most significant local currency in terms of the money supply circulating in France and Europe. Through an institutionalist analysis, the article explores how crises create opportunities for the reemergence and diffusion of these monetary innovations. By analyzing the development and institutional integration of the Eusko, the article discusses the implications of monetary plurality and the potential transition from a transitional or transformative plurality to an institutionalized plurality within the European Monetary Union. The findings suggest that local currencies, by addressing specific regional needs and promoting economic resilience, can provide new insights into the role of local monetary systems within a unified economic area.
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