Meeting of the nations that use the Euro as their currency

  • Treasurer Bowen looked at Madame Lagarde as she continued her statement.

    "Yes, we will agree to end the currency union in a few days time. We will alert the Treasury and the Reserve Bank of California to plan accordingly."

  • I thank the representatives of Miraco and California for expressing their views. Do Mr Hartnell or the Governments of Aleutia or Ger-many have a view that wish to share?

  • I have a further message from the Government of Aleutia, which is as follows:

    "Since Aleutia will virtually become the only nation with the Euro, I'm proposing that the European Central Bank transfer all rights and decision making regarding the Euro to the Bank of Aleutia"

    I have sort clarification from the Government of Aleutia whether their suggestion is that the Bank of Aleutia should replace the European Central Bank as the body responsible for the management and control of the Euro, or whether this is an acceptance that they will control their own currency the Aleutian Euro. My view is that if the Euro is to exist as a separate regional currency, it cannot be controlled and managed by the Central Bank of one nation, as that would devolve regional power to that nation to the possible disadvantage of other nations. Does anyone else have any comment on this?

  • "I support the proposed plan presented, however new member states to the EU often join unilaterally to the Eurozone, how do we address this issue. As for Aleutia, that is absurd. The Euro in the constitution is the regional currency, that is how it is defined. The request by Aleutia is an underhanded power grab. They can fit nicely in the proposed system that you have proposed Commissioner."

  • I have received a further reply from the Government of Aleutia which I have again attached below:

    Since the Central Bank of Europe declares it will end the Euro in 4 days, the Euro will no longer be a "Regional currency" anymore, and will solely be an Aleutian currency, it makes absolutely no sense for the European Union to maintain any rights to the currency after this 4 days frame. Hence it is only logical that the Bank of Aleutia should thereby take over the management of the currency, unless the Germany decides to retain the Euro as their currency. The accusation by Weisse Island is nothing but inflammatory, when they themselves decided to abandon the currency, they should have no say in who to maintain the management of it. Certainly they should have no say in the sovereignty of Aleutia now that we remain the sole nation with that currency.

    My response to the Aleutian Government is as follows:

    Thank you for your explanation. The Euro will remain as a currency after 1st December, but simply not a hard currency in which there are notes and coins. It will remain the currency of the EU. The EU accounts will be published in Euros and it will be possible to trade and deal in Euros electronically, but you will be unable to buy anything with Euros other than other currency. I would suggest that you simply call your currency the Aleutian Euro and use the notes that your central bank has issued on behalf of the ECB. As EU Commissioner for Economics, I cannot sanction a sovereign nation managing the EU's currency.

    Dr Suzannah Beech - Commissioner for Economics

  • I think that is a rational response, Dr. Beech.

  • Excuse me, Mr Hartnell, I realise that I haven't fully answered the questions that you asked in your last posting.

    New members joining the European Union, may have a currency called the Euro, but that will not be the Euro that we use as the official currency of the EU. For example there are several countries that have a currency called the Pound, but this does not imply a currency union. We may have to consider restricting nations from unilaterally calling their currency the Euro, but that would be a cosmetic matter for the Council I think. We can easily designate a newcomers currency as the Newcomer's Euro, or whatever.

    If there is to be a reconfigured currency union centring around the Euro as a had currency, then I would envisage that entrance to the Union would be by application.

    I hpe that makes sense.

    Dr Suzannah Beech

  • ((OOC: Speaking of currency I believe this could be part of the Turbo whatever Angleter called it. We should also have an arithmetic calculating the value of the currency. But anyways this does not really affect our country dramatically other than we need to produce new calculations to new currencies. The Scandinavian Krone is......I don't know....(Sorry, Angleter thought you got the point))

  • Admin

    ((OOC: @Kalmar This thread is clearly marked as being for nations that use the Euro as their currency. Nobody from Kalmar is at this meeting. And again, if you're posting OOC in an RP forum like this one (which you generally shouldn't unless it's especially important), please post in brackets as I said before. And for the record, no - there are already existing methods for determining exchange rates, viz NSEconomy. If we want to change that, then that'd be a whole other discussion to have in the Chamber of Loose Lips.))

  • I haven't heard back from any Government to the contrary and as trading in the foreign exchange markets has now come to a close, I will ask the President of the Central Bank, Dr Michael Reed, to formally announce the immediate ending of the Euro as a hard currency and the transfer of all Euro notes and coins to the Central Banks of Aleutia, California, Ger-many, Miraco and the Weiss Isles, to be formally known as the Aleutian Euro, the Californian Euro, the Ger-man Euro, the Miracan Euro and the Weissian Euro under the control of the respective Central Banks.

    Over the last few days, the value of the currency has been maintained, and I thank you all for your commitment to the smooth dismantling of the currency union.

    Dr Suzannah Beech - Commissioner for Economics

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