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The Theoretical Foundations of an Extranational Composite Currency with Stable Purchasing Power, and their Implications

In: A Stable External Currency for Europe

Author

Listed:
  • Jacques Riboud

Abstract

You say that you are doubtful, that my demonstration of the theoretical foundations of the ES does not convince you, that a currency unit capable of retaining its value in real terms is ‘contrary to the nature of things’. And then you add: ‘Everybody admits that there is a need for a reliable standard of measurement, and therefore for a currency with a purchasing power which, to quote The Economist, “will not flicker”. If such a thing were possible’, you argue, ‘the fact would be known and such a currency would already have been created; it does not exist because no currency has ever been capable of resisting the pressure of costs, the effects of supply and demand and the law of the market.’

Suggested Citation

  • Jacques Riboud, 1991. "The Theoretical Foundations of an Extranational Composite Currency with Stable Purchasing Power, and their Implications," Palgrave Macmillan Books, in: A Stable External Currency for Europe, chapter 14, pages 168-181, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-11821-2_15
    DOI: 10.1007/978-1-349-11821-2_15
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