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The states it will be allowed to compete among themselves in struggle for Favour of public. Though I entirely support aspiration to finish economic association
Countries of Western Europe, completely having liberalised monetary streams between them, I
Strongly I doubt that the way to this purpose consists in creation of the new
EUROPEAN ECONOMIC COMMUNITY member countries hardly can come to the consent about a political policy,
Which should adhere uniform financial body (at actually
Inevitable situation when some countries will receive currency of the worst quality,
Than have now). Secondly, it is the extremely doubtful, what even at most
Favorable conditions, the uniform policy will be carried out better, than
Regulation of present national currencies. Moreover, in many respects
The uniform international currency if it not to operate more reasonably, will be not better, and
Worse national currency. To the country with more developed financial system not
Remains any chance to avoid consequences of decisions of other countries accepted
On the basis of rough prejudices. Advantage of creation of the international department
Should consist mainly in protection of the countries-participants against harmful measures,
Undertaken by others, instead of in forcing them to join to
To any nonsenses.
Principle of free trade in a banking
The offer to extend activity freedom in monetary circulation sphere on
Banking - absolutely integral part of the plan if we wish to reach
The planned purpose. First, bank deposits are translated in checks and in force
It form some kind of a special kind of the money emitted privately.
Today they, as it is known, make a part, and, in the majority of the countries
The basic part of total amount of the conventional currencies. Secondly,
Counteraction to credit expansion by the separate national bank
Superstructures now excuses the main things for an establishment
The state control over monetary base.
Concerning consequences of acceptance described above the offer, I will add
Only that it, certainly, is directed on making politically
Impossible much from this that do national financial and monetary
Bodies, do simply because have the power to do it. Now,
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