The following text on the Euro and the concept of money is a transcription of the conference given by Jorge Amar at the Attac Summer University for Social Movements held in Toulouse in August 2017. Jorge Amar is Economist, Chair of the Spanish Economic Sovereignty Association (APEEP) and Research Scholar at Binzagr Institute for Sustainable Prosperity.
What is wrong with the Euro? To answer this question, we need to understand first what money basically is, where it comes from, how it is created and destroyed.
There are two main theories on money: The market-metalist approach (“One money, one market”) on which the European Monetary Union (EMU) has been inspired, and the state-chartalist approach (“One currency, one nation”) which explains the usual situation where a currency corresponds to one country.