by From Trond Andresen, Steve Keen and Marco Cattaneo and the current issue of WEA Commentaries A new means of payment can be part of the solution for the eurozone’s unemployed. We have now seen nine years of social crisis and huge unemployment in many euro countries. An entire youth generation has barely experienced anything but being out of work. Still no solution has been found or implemented. The time is overdue to think outside the box. We propose a solution that has circulated internationally for several years: some of us have argued for this since 2011. Both households and businesses should be provided with an additional national means of payment, “Electronic Parallel Money” (“EPM”). Our proposal works like this: EPM transactions take place via mobile phone, PC and card. The
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from Trond Andresen, Steve Keen and Marco Cattaneo and the current issue of WEA Commentaries
A new means of payment can be part of the solution for the eurozone’s unemployed.
We have now seen nine years of social crisis and huge unemployment in many euro countries. An entire youth generation has barely experienced anything but being out of work. Still no solution has been found or implemented. The time is overdue to think outside the box. We propose a solution that has circulated internationally for several years: some of us have argued for this since 2011. Both households and businesses should be provided with an additional national means of payment, “Electronic Parallel Money” (“EPM”).
Our proposal works like this: EPM transactions take place via mobile phone, PC and card. The transactions are logged on a server in the country’s central bank. There are no EPM coins and notes in circulation. The government (and local authorities) have EPM accounts in the central bank. These are debited when the public pays wages and pensions, or purchases goods and services. All citizens and enterprises also receive a user account there.
EPM will greatly reduce unemployment and enable people and businesses to exchange goods and services. It will alleviate the social crisis and reduce pessimism in economics and society. Such a solution is now being discussed in Italy, triggered by the acute budgetary conflict with the EU. read more