By Jacques Riboud
The writer doesn't think that the governments of the ecu neighborhood - although that they could agree at the subject - will reach enforcing the eu as a fee and reserve forex to be used within the EEC's exterior exchange. within the exterior industry the alternative of forex is unfastened and a new foreign money will merely be selected whether it is higher than all of the possible choices and if it's been effectively 'promoted'.
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T: S • U :T' V CUllomer loan or deposit in dollars in A's books r::::::::::::J B's spread US BANKS (domiciled in the USA) R, S, T, U, V, and X Deposits by A, B, C, etc. ' s books .. , .. , •. : Deposits by US residents US bankers of Eurobanks: R for A, S for B, T for C and H, U for 0 and G, V for E and I, X for F (1) Loan by R or transfer to (2) (3) (5) , r--·: I . ~. 2 How the Eurodollar banking system functions Notes A 'Eurodollar' is nothing more than a right to a US dollar. A right to something should not be confused with the thing itself.
This question of quality is of vital importance for any new product which is about to be launched on a market where its use cannot be rendered obligatory. For this reason it is necessary to state without further delay that the private ECU is only seen here as a stage on the road to a payment currency that will be 'better than all the others' (see Chapter 6). COMMENTS Comment on page 15. It is pointless to attempt to convert the ECU from the unit of account that it is at present into a payment money without having a clear understanding of what a transaction is, the mechanism by which it works and the property that a given unit of money mayor may not have of effecting a transaction.
Comment on page 26. The size of these figures should not be misunderstood: it would be wrong to see in them evidence of excessive profits for the banks. Economic growth depends on enterprise and risk-taking in the use of capital. Those risks are largely taken by the banks and it is they who absorb the cost of any failures. Any The Consortium and Seigniorage 31 reduction in their profits would have the effect of encouraging the banks to be more cautious, which would be sterile and would have a negative effect on economic expansion.