I beg to differ re: versions of the Euro, at least philosophically.
Each country issuing Euros has maintained its sovereign right to issue
money. None of them gained the right to issue currency for other
states; each state only agreed to accept the other's Euro as legal
tender. Not only are coins nationally designed, but the banknotes are
too.
If I write a post office checking (giro) account check in Euros drawn
on a German postbank account and send it to an Austrian, it doesn't
get cleared "internationally", but as an "auslands" check by a bak in
Austria, to which appropriate international check clearing fees apply.
If it were an international currency we're dealing with, then like a
20g letter sent at domestic rates between ex-CEPT countries and which
get delivered without fees being applied, no matter where they go in
the CEPT, the checks would clear without being considered international.
Also, each nation is issuing commemorative coins of its own design and
which are denominated in Euros, and if I read and recall the treaty
correctly, these do not have to be accepted throughout Eurolaendle.
I believe we all read and know of the postings about the Vatican
having such a small value of Euros it could issue, that it's coins are
scarce collector's items, and that they never made it into
circulation. Same goes for Monaco and Andorra to a certain extent,
over which the Euro-committee had reservations, given that Monaco's
former currency was basically French francs dressed in a princely
package and Andorra actually used the french currency (had no
"Munzrecht"). If this was a truly an international currency the
Eurobank would just issue the same coins and currency for all based on
all member nations combined assets, and not worry about giving out
allocations to each country as to how many Euros they could each
issue. The underlying, unavoidable truth is that the Euro countries
haven't unified their economies, they remain sovereign (not like the
domestic relationship between Texas and California), and have ea
agreed to put and keep mechanisms in place to hold national debt in
parameters in order to keep each country's Euro on par with those of
it neighbors. If they don't do that, then you'll see values drift, in
a situation as it was before with many countries with a currency
having the same name, but different values (i.e., the French franc (5
or so to the US$), the Belgian franc (30, 40 or more to the US$) and
the Swiss franc (ca. 1.5 to the dollar)). At least in the lira zone,
between I, RSM and V, where each country issued its own lira, the
value stayed constant between the three currencies. This is close to
the Euro situation - and if Germany, for example, can't reign in debt
it's accumulated recently, the treaty could break down, and we'd see
a departure from the lira style zone to the old franc situation, where
the German euro would be worth less than perhaps the Dutch euro.
It's like "international corporations". Is there really such a thing,
or do we really only deal with firms registered and licensed in each
jurisdiction, which may happen to have, from the jurisdiction's legal
view, ownership by people who happen to be foreigners (i.e Bank of
America of Italy owned by you guessed it) and who happen to be in
business in each country to facilitate trade across borders?
LN
--- In BoundaryPoint@y..., "anorak222" <listen@w...> wrote:
> --- In BoundaryPoint@y..., "L. A. Nadybal" <lnadybal@c...> wrote:
> > Anton wrote that the Four power treaty returning sovereignty to
> > Austria contained:
> >
> > " 1. Die Alliierten und Assoziierten Mächte erklären, daß eine
> > politische oder wirtschaftliche Vereinigung zwischen Österreich und
> > Deutschland verboten ist. (The Allied and Associated powers declare
> > that a political or economic union betweeb Austria and Germany is
> > prohibited)."
>
> The prohibition clearly aims at a bilateral union between Austria and
> Germany. I wouldn't read it that Austria is prohibited to join any
> international organisation where Germany just happens to be member
> among several others already. That wouldn't make sense.
>
> > Currently, all you have going is Austria changed currency and agreed
> > to use an Austrian version of the Euro. Germany uses a German
> version
> > of the Euro.
>
> There's only one Euro currency, no "versions" of it. The Euro coins
> are issued in decors which happen to be designed by individual
> nations, but nonetheless they're all denominations of the same
> currency.
>
> Regards