[lbo-talk] Why no world currency?

[Yoshie Furuhashi]

On 2/22/07, joanna <123hop at comcast.net> wrote:
> Nicholas Ruiz III wrote:
>
> >The Euro is more about the protection of the representative value of the
> >nations that adopt it, relative to the diminishing value of their respective
> >national currencies, fast becoming worthless relative to questionable
> >domestic production and profitabiity.  It collectivizes economies on a
> >representative basis, so their respective 'tiny' currencies don't get
> >hammered by poor numbers and outlooks.
> >
> Oh, I thought it was just the monetary expression of neo-liberalism in
> Europe. In order to use the Euro you have to submit to certain types of
> fiscal discipline, which might actually work against national
> development (for the less developed nations.)

I suppose that from a European electoral leftist point of view the
Federal Reserve looks better than the ECB.

<http://www.eubusiness.com/news_live/1169038813.07/>
France's Royal says ECB should focus on growth, jobs
17 January 2007, 17:18 CET

(LUXEMBOURG) - The French Socialist presidential candidate Segolene
Royal said Wednesday that the European Central Bank should broaden its
focus to boosting growth and jobs and not only fighting inflation.

"I support broadening the status of the ECB to include very clearly,
as in the United States and the United Kingdom, not only keeping
inflation under control but also economic growth and social progress,"
she said after meeting with Luxembourg Prime Minister Jean-Claude
Juncker.

Last month the French Socialist party's presidential hopeful
challenged the central bank's independence and said that European
politicians should have a greater say in ECB decisions regarding the
euro.

Some EU leaders and officials -- mainly from Germany -- responded by
rallying to the defence of the ECB's independence.

"It's not a question of challenging its independence, but rather it's
about not letting it be omnipotent," said Royal.

-- 
Yoshie
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