In other words, where is our monetary freedom? If I take a piece of paper and place the name of some famous economist, politician or other, and then make it say, fafsa free money, you would understand where we are with our monetary freedom.
How to obtain fafsa free money?
This is our second question and this question has a complicated answer in Europe. I would like to start with the first one.
So we have this simple system, where a euro has the value as much as a French franc or any other national currency. So you get €10 from the euro if you make a transaction at the bank. You can also get some money if you pay at a restaurant. How about all this is a system of financial integration? A euro has become a single currency, where the French franc has been replaced with a franc that has the value of a euro. So the value of a euro is $1, that’s because there are no problems if one country wants to adopt a particular currency, whereas there are problems if one country does not want it.
But this system has problems if one individual wants to adopt a currency outside the eurozone, say like a currency with a value that is different. In order to implement such a system, we need another institution of economic integration. The problem is, does Europe have such an institution? The short answer is no. We have a separate monetary union.
The long answer is that Europe has created this central bank [Eurobank of Greece], the European Central Bank (ECB), to act as the European financial regulator. However we don’t know what the European people would like to have in economic arrangements with the ECB, what it is going to do and how it is going to operate. The European people want a central bank with the power to implement monetary integration, but we don’t know what it is going to do. In other words, how is it going to operate?
As a way of solving the problem, France has already set up the Central Bank De France (CBFD) to promote exchange rates, or at least to encourage people to spend. For example, it sets interest rates on bank deposits. It can do this because it is the only financial institution in France. The CBFD is the only legal and financial regulator for the country but the CBFD is also the central bank for the eurozone, so it is able to create monetary policy. France has set up the CBFD to promote exchange rates
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