The Central Interbank Office: A Simulation

Abstract

A payment currency, if it is to be launched and stand a chance of ‘working’, needs a ‘system’. Systems do not develop spontaneously; they must be organised. The private ECU will be no exception to this rule: it will not be able to work without a system of its own, which will also have to be private and will need to be designed in the light of the lessons that may be learnt from the models that we have before our eyes, which have been analysed at some length in the previous pages.