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The ECU as an Investment Currency

In: The ECU and European Monetary Integration

Author

Listed:
  • David F. Lomax
  • Herbert Christie

Abstract

If one starts by asking the question why there should be investments in the ECU, a perfectly good answer is to say ‘why not?’. People invest in coins and stamps, not to mention more exotic instruments such as old bottles and pottery. In some of those cases there is an element of trying to overcome the second law of thermodynamics by creating harmony out of chaos, and by capitalizing on the scarcity value of particular assets. But in the case of interest-bearing or income-bearing investments, people buy farm-land, property, and various exotic financial assets. What then is so repulsive about the ECU that it should not be one of the acceptable investment assets?

Suggested Citation

  • David F. Lomax & Herbert Christie, 1989. "The ECU as an Investment Currency," Palgrave Macmillan Books, in: Paul Grauwe & Theo Peeters (ed.), The ECU and European Monetary Integration, chapter 5, pages 119-147, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-19518-3_5
    DOI: 10.1007/978-1-349-19518-3_5
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