Eurotik moneta propiora (3)

Hasteko, ikus Eurotik moneta propiora (1)1 eta Eurotik moneta propiora (2)2.

(Oraingo honetan euro eta lira erabiliko dira, eredu gisa. Greziarako, liraren ordez, jarri drakma.)

Warren Mosler:

iv) Chianciano presentation3 (2014an)

Fom Euro to Lira

All tax liabilities become payable in lira

All Italian Govt. Employees get paid in lira

The compensation redenomination is 1:1

The govt. does not fix a lira exchange rate

Bank loans and Deposits

Bank deposits and loans remain in euro

Borrowers and depositors have the option to

convert at market prices

All lira bank deposits fully insured by govt

Bank lending

Bank lending only in lira

Bank lending limited to public purpose

Financial assets not acceptable collateral

Lending by credit analysis, not market prices

Bank (lira) liquidiry

Continuous, unlimited liquidity from the BOI

Unlimited govt. deposit insurance

Interbank lending prohibited

Additional proposals

Govt. contracts renegotiated to lira

Permanent 0 rate policy

No issuance of BTP or CCT

Suspend VAT to relax the fiscal balance

BOI funds a transition job for anyone willing

and able to work

Dynamics of the lira

Strong lira from taxation without deposit


This allows the govt. to purchase euro as

needed to meet prior obligations for initial


Fiscal policy

The ‘right size’ govt. is politically determined

to meet real public service needs

Taxation is subsequently adjusted targeting

the total participants in the transition job at

3% of the labor force

The trade balance is allowed to adjust to that

of full employment conditions


Converting bank deposits carries the risk

currency depreciation and inflation

A positive interest rate policy carries the risk

of currency depreciation and inflation

Banks regulation must tell banks what they

can do, and not what they can’t do.

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