The Concept of National Parallel Currencies for the Eurozone

Dirk Meyer, Helmut-Schmidt University, Hamburg, presents a concept of national parallel currencies for the Eurozone. In the case of a state insolvency this would enable a country to exit the monetary union while still using the euro as a means of payment. The introduction of national parallel currencies should enable the respective states to resolve their problems through exchange rate adjustments and access to an independent monetary policy.