999) The Micro-Currency called - "EUSCKO", France circulates in the French Basque Country and is the largest such currency in circulation today, in the world, fully backed by the Euro; ii) It is one of 44 such micro-currencies circulating in French cities; iii) Paris is on the verge of introducing a micro-currency:
For other posts on micro-currencies on this blog, please visit the following link:
The Brixton Pound, UK: Modern world's first novel Urban Local Currency, that circulates parallel to the British Pound in this district of South London
For other posts on micro-currencies on this blog, please visit the following link:
The Brixton Pound, UK: Modern world's first novel Urban Local Currency, that circulates parallel to the British Pound in this district of South London
The Euscko:
The Euscko is essentially a regional currency which was launched in 2013 in Bayonne - a city in the French Basque Country - (known by the locals as the "pays Basque Nord") with the modest aim of promoting the Basque culture and language and supporting local businesses by keeping money in the region.
The Euscko, presently, circulates in the Basque
region, an enclave in France's Southwest corner. It is just East of the larger and more potentially volatile community of the same name in Spain.
It is the largest complementary currency of France today, and is used by 17 Municipal Governments, with more than 870 members (either enterprises or associations, local business entities and organisations) and over 5,000 individual users.
By 12/2018, over 1.0 million Euros worth of Eusckos, which circulate at par with the Euro, were in circulation, making it the most successful local currency in Europe. In comparison, 780,000 Euros worth of Bristol Pounds circulate in that British city and 648,000 worth of "Chiemgauer" circulate in Upper Bavaria.
The currency's name was inspired by the "Euskera" (the name of the Basque Language).
The French Basque country is a territory measuring about 2,869 kilometres, located in the Western part of the French Department of the Pyrenees-Atlantiques and constitutes the North-eastern part of the Basque Country. The Southern part of the Basque Country is located in Spain.
A Basque Town in France
Its Basque name is "Iparralde" (meaning "Northern side").
The French Basque country is a territory measuring about 2,869 kilometres, located in the Western part of the French Department of the Pyrenees-Atlantiques and constitutes the North-eastern part of the Basque Country. The Southern part of the Basque Country is located in Spain.
Its Basque name is "Iparralde" (meaning "Northern side").
The Euscko was primarily introduced by the concept of creating/boosting the base for a socially and environmentally friendly local economy:
The salient features of this "currency" are:
- to put the economy at the service of people, culture and the Globe
- to encourage local trade and relocalise part of the economy
- to develop social ties and solidarity
- value the Basque language and culture
- support local projects of common interest, and
- reduce the environmental impacts of the economy.
The Organisation and Evolution of the concept:
The Organisation/Association which manages the Euscko is called "Euscal Moneta" ("Local Currency of the Basque Country" or "Monnaie locale du Pays Basque"), a local currency conceptualised/launched in early 2012.
Local grass-root groups were created to expand the network of businesses accepting the currency and to increase its popularity among individuals in the areas it circulates in.
The Euscko Currency System (ECS) is based on memberships - individuals, businesses and associations - who are familiar with the concept of local currencies and are willing to accept and spend the currency. There is an Accreditation Committee (AC), comprising representatives of businesses, users and associations, which examines and validates applications submitted by potential members.
Members pay an annual membership fee, depending on their status (individuals, businesses or associations) and the amounts which they can afford. For example, individuals are charged an annual fee of 5 to 20 Euros, Businesses are charged 60 to 240 Euros, while, associations are charged 10 to 100 Euros.
The currency particulars/details:
The Euscko acts as a medium of exchange. Its unit of account is the Euro - meaning that 1 Euscko has the same purchasing power as 1 Euro. The same applies to the exchange rate - 1 Euro for 1 Euscko.
The motto is "The Euscko in the hands of everyone."
The motto is "The Euscko in the hands of everyone."
How is the Euscko issued?
The Euscko can be exchanged with Euros in 40 Exchange Offices throughout the Basque Country and it is backed by the Euro. The currency was initially denominated in physical Banknotes only - 1, 2, 5, 10 or 20 Euscko Notes.
Today, an electronic version of the currency has been implemented in the second phase of development which went online in 2017. Since the creation of online accounts, the Euscko is also available as a digital currency, as a result, more than 60,000 Eusckos are being exchanged from Euros every month and two to five Euscko accounts are being opened on a daily basis.
Presently, the digital Eusckos comprise about 60% of the currency in circulation.
Each Euro exchanged for Euscko is kept in a Bank account and constitutes the Reserve Fund (RF). This is placed with a financial institution, to ensure that at any time all outstanding Eusckos can be converted back to Euros.
Each Euro deposited in the Reverse Fund can generate 12 Euros of funding for environmental and community projects.
The first Notes were officially issued on 01.01.2013 and they were only valid for two years. Business and Association members can exchange Euskos back into Euros, but a 5% commission applies. Individuals, on the other hand cannot exchange Eusckos back for Euros Euskal Moneta - 2012.
The Euscko Banknotes:
The smallest value of the Euscko is the one Eusco Note, so it cannot be separated in values, less than that amount. The Eusco has a value equal to one Euro, so the price of an article having a round sum, can be totally paid in Euscos, but if the article does not have a round price, the difference will be paid in cents. For example - if an article costs 5.75 Euros, it can be paid for in 5 Eusckos and 75 cents.
The various denominations are:
The One Euscko Note is blue in colour and has an image of a "Txalaparta" (a specialised Basque music device made of stone or wood).
The Two Euscko Note is red in colour and has a scene of a folk dance on it.
The Five Euscko Note is grey in colour and has a country-side scene.
The Ten Euscko Note is yellow in colour and has an image of a black-board with Basque verbs form "Nor-Nori-Nork".
The Twenty Euscko Note is purple in colour and has an image of an industrial port that shows some cranes.
Several Security Features protect the Notes from counterfeiting/forgery - A complex filigree, a heated gold mark and Off-set marks for visually impaired users to identify the Note values.
The first Notes were officially issued on 01.01.2013 and they were only valid for two years. Business and Association members can exchange Euskos back into Euros, but a 5% commission applies. Individuals, on the other hand cannot exchange Eusckos back for Euros Euskal Moneta - 2012.
The Euscko Banknotes:
The smallest value of the Euscko is the one Eusco Note, so it cannot be separated in values, less than that amount. The Eusco has a value equal to one Euro, so the price of an article having a round sum, can be totally paid in Euscos, but if the article does not have a round price, the difference will be paid in cents. For example - if an article costs 5.75 Euros, it can be paid for in 5 Eusckos and 75 cents.
The various denominations are:
The Ten Euscko Note is yellow in colour and has an image of a black-board with Basque verbs form "Nor-Nori-Nork".
The Twenty Euscko Note is purple in colour and has an image of an industrial port that shows some cranes.
Several Security Features protect the Notes from counterfeiting/forgery - A complex filigree, a heated gold mark and Off-set marks for visually impaired users to identify the Note values.
Other Micro-Currencies circulating in France:
The Paris Experiment:
In addition to the Euro, there are now over 44 local currencies circulating in France, patterned on the Euscko and Paris too is in the process of introducing a local currency. As with most local currencies, the primary purpose of a local currency is to boost local commerce. In Paris, the City Government is supporting an organisation "Une Monnaie pour Paris" (meaning "Money For Paris") to experiment with a local currency in the Eastern part of the city. Users of the newly created money will have to create an account, after which they will be able to pay for purchases either with a card or the "special currency".
This French-only website has adopted a tag-line - "Think Global, Act Local" as its motto.
Images of the proposed new Parisian Currency Notes
Patterned on the Euscko, the new Parisian currency is meant to complement the Euro, not to replace it.
The four objectives of the Paris currency exercise are:
- to regain control of the local economy
- to make the economy more sustainable
- to rebalance and preserve the local identity and
- to serve as a social connection and provide equity in the economy.
The use of a local currency is aimed as an insurance for Parisians that the money spent will lead to the opening of new local markets. Money will not be able to leave the city and disappear in tax havens or be used to pay non-local companies.
This move is not targeted as a "Return to the Middle Ages", when cities issued their own money.
Instead, the local currencies will have a "Reserve Fund" (RF) of 100 % of the currency in circulation, where for each one unit of local currency created, one Euro must be placed in a Fund, guaranteed by a banking institution.
The Paris Experiment:
In addition to the Euro, there are now over 44 local currencies circulating in France, patterned on the Euscko and Paris too is in the process of introducing a local currency. As with most local currencies, the primary purpose of a local currency is to boost local commerce. In Paris, the City Government is supporting an organisation "Une Monnaie pour Paris" (meaning "Money For Paris") to experiment with a local currency in the Eastern part of the city. Users of the newly created money will have to create an account, after which they will be able to pay for purchases either with a card or the "special currency".
This French-only website has adopted a tag-line - "Think Global, Act Local" as its motto.
Patterned on the Euscko, the new Parisian currency is meant to complement the Euro, not to replace it.
The four objectives of the Paris currency exercise are:
- to regain control of the local economy
- to make the economy more sustainable
- to rebalance and preserve the local identity and
- to serve as a social connection and provide equity in the economy.
The use of a local currency is aimed as an insurance for Parisians that the money spent will lead to the opening of new local markets. Money will not be able to leave the city and disappear in tax havens or be used to pay non-local companies.
This move is not targeted as a "Return to the Middle Ages", when cities issued their own money.
Instead, the local currencies will have a "Reserve Fund" (RF) of 100 % of the currency in circulation, where for each one unit of local currency created, one Euro must be placed in a Fund, guaranteed by a banking institution.
Links:
18) "Paris, The Banks of the River Seine" ("Rivos de la Seine") : UNESCO World Heritage Site: "The Louvre Museum"(Musee du Louvre") and "Pont des Arts": Gold and Silver Euro coins issued by the Monnaie de Paris on 14.06.2018
19) Notre Dame de Paris, France "Reconstruction": Monnaie de Paris (The Paris Mint) restrikes 2013 Silver 10 Euro Coin, Bronze Medal and Silver-coloured Mini-Medal, part proceeds of which will go towards the reconstruction of the iconic Cathedral which was partially burnt in a fire on 15.04.2019
20) The Micro-Currency called - "EUSCKO" , France circulates in the French Basque Country and is the largest such currency in circulation today in the world, fully backed by the Euro; ii) It is one of 44 such micro-currencies circulating in French cities; iii) Paris is on the vetge of introducing a micro-currency.
Rajeev, I thought about this many times but always forgot to mention. Reading your blog, I am finding that you put some great effort into describing the images you post. I know it is quite a bit of work for such a visually rich web site, but it truly makes a difference. Because of your descriptions, your blog can be very enjoyable and informative to all people who can't see the images. Thanks for this, and please continue to describe the images, it really makes a difference.
ReplyDeleteI am really moved beyond words to read your wonderfully encouraging and inspiring comment. Over the past eight years that I have been writing this blog, I keep coming back to every post, before it is uploaded, and it is posted only when I think that now the information being put up is backed by images and is going to be of use to every reader/visitor to the blog. Thank you so much, Tom for your kind words.
Delete