THE FUTURE OF MONEY Bernard A. Lietaer - library.uniteddiversity ...

different reactions to the same common monetary policies." This
means in practice that there is a currently generally unperceived need
to find a structural, permanent strategy for the problems, which will
result from regional differentials in unemployment, and from
permanent differences in business cycles in different European
regions. The longer we will remain in denial of such need, the
stronger the political backlash is likely to become.
A proposal
In parallel with the introduction of the euro, it would be very
beneficial to include a formal role for complementary currencies in a
new European Social Policy for the Information Age. Such an
approach could be achieved
at practically no cost to European governments simply by removing
administrative barriers From the creation and use of such currencies.
There are three different levels by which such a policy could be
implemented.
Passive tolerance
A policy of passive tolerance towards complementary currencies is
basically what has been apparent so far in most European countries.
Continuing such a policy simply means avoiding introducing new or
additional administrative hurdles. A group of people agreeing to use
something else than national currency as a medium of exchange
among themselves does not break any laws anywhere. From a tax
viewpoint any income obtained in complementary currencies is
treated as if it were income in national currency and the taxes are due
in 'legal tender', i.e. the national currency. And from an
unemployment benefit perspective, an unemployed person who
starts making money in complementary currency could lose his
unemployment benefits as if such income was in national currency.