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Epilogue: A Letter to a European

In: A Stable External Currency for Europe

Author

Listed:
  • Jacques Riboud

Abstract

The thesis that you have set out regarding the creation of a stable European currency is interesting. But it can only apply to an extranational currency, one that is used in international transactions only, whereas what we are seeking to create is a single currency for the whole territory of the European Community. The inconveniences that you mention in connection with the use of the ECU ought to disappear during the last stage of the process of movement towards monetary union in the Community, when the ECU will become the genuine single European currency. This extract is from a letter sent to me by Mrs Edith Cresson in response to my sending her a copy of my latest book, Monnaie Européenne: de l’Utopique au Réalisable. In this letter Mrs Cresson states the position of the French government, in terms of laudable clarity, in order to refute my proposal for the completion of the formula by which the payment ECU is defined so as to give it that indispensable property (stable purchasing power) which is necessary if it is to succeed in establishing itself as an international means of payment in competition with the dollar, the Deutschemark and the other main world currencies.

Suggested Citation

  • Jacques Riboud, 1991. "Epilogue: A Letter to a European," Palgrave Macmillan Books, in: A Stable External Currency for Europe, pages 214-222, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-11821-2_18
    DOI: 10.1007/978-1-349-11821-2_18
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