European multiple currencies

Considers the aims of the “founding fathers” of the European Community in creating a free trade area based on the notion that “If the goods cross the frontiers, the armies won’t”. Looks at the likely impact of monetary union and argues that a single currency, with the consequent removal of floating exchange rates, will have the opposite effect, being seen as unfair and giving rise to friction and disunity within the EU. Digital money is seen as a medium of exchange allowing a more fair distribution throughout the economy but has yet to prove that it will successfully facilitate floating exchange rates. A more equitable solution, it is suggested, is that local government units have the power to issue and control their own local currencies to stimulate local trade. This would have the advantage of giving local people the power to buy and sell, stimulating economic growth particularly in disadvantaged areas.