The case for a new ECU : towards another monetary system

書誌事項

The case for a new ECU : towards another monetary system

Jacques Riboud ; translated by Stephen Harrison

Macmillan, 1989

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注記

Translated from tne French

Includes index

内容説明・目次

内容説明

25 years since the ECU was established, this work analyzes the situation in the international monetary system, where the prevailing disorder is seen to be disrupting economies, undermining growth, provoking protectionism and threatening to set the nations against each other. It is also argued that the ECU is impeding the management of national monetary systems and it was because of mistakes of monetary management that the Stock Market Crash of 1929, which should only have been a passing crisis, was converted into a deep and persistent depression that plunged the world first into mass unemployment and then into war. Similarly, the Great Inflation of the 1970s, and the painful period of disinflation that followed it, are seen to have been caused by mistakes of money management. Jacques Riboud proposed using the ECU as a basis for such a standard of reference, by converting it into a constant purchasing power unit. Such a proposal presupposes solid theoretical foundations and for that reason the author has devoted considerable space to a re-examination and a revision of certain basic concepts. "The Mechanics of Money" is the predecessor to this study.

目次

  • The parable of the Master Taylor and his pair of scissors
  • the keys to monetary analysis
  • future monetary possibilities
  • how money is created - some fables and comedies
  • waiting in the wings - the bankers' clearing mechanism
  • the other side of the coin
  • the president's three percent
  • M1, M2, M3 and the rest
  • the hidden virtue of the gold standard
  • mingling with the crowd at the IMF - the "American connection"
  • from a full value ECU to a constant ECU
  • how to sell a currency which is better than all the others
  • an ocean of red ink
  • economic asphyxiation
  • monetary regulation - regrets and hopes
  • investment and employment - a doubt, a reconsideration and a proposal
  • back to the thirties
  • towards a New Bretton Woods?
  • chaos in the foreign exchanges
  • "great nations - not many ideas".

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