SAVING THE EURO: CREATING SOCIAL REGIONAL CURRENCIES, TAXES ON FINANCIAL TRANSACTIONS, AND MINIMUM INCOME PROGRAMS

This paper proposes the creation of regional currencies, which we call social currencies (pesetas, dracmas, liras; deutsche mark) with the finality of financing minimum income programs and microfinance programs in Europe. The backing for this currency will be Euros collected based on the creation of taxes on regional financial transactions. Depending on the tax rate the amount of money collected can be substantial and can be used to buy to buy government bonds of countries with severe funding problems.