Shireroth

Kaiseress Anandja II wrote:Really? This is pretty similar to the EMU. We have a central bank. It doesn't set interest rates, but that's because we don't really have a financial sector or banks.

We're trying to remove the having to join the EU (SC) hurdle here.

Small Commonwealth Unified Economy Treaty

1. Any nation may sign this Simple Currency Unified Economy Treaty, provided they gain approval from existing signatories.

2. An applicant to this treaty shall be considered by existing signatories. If, within a week, no existing signatory objects, the new nation shall be able to sign this treaty and issued starting currency as explained below.

3. All signatories to this treaty have a unified currency, and share a unified bank. Any participant in the economy of a signatory nation may make economic transactions with participants of any other signatory nations without restrictions, fees or tariffs.

4. Each signatory nations reserves the right to refer to the currency by whatever name they want. This does not make their currency different from the unified currency, and all the names are assumed to have a 1:1 exchange ratio.

5. Participants within this unified currency shall register their accounts in a particular signatory nation, or region thereof. By registering with that nation, participants' accounts are subject to any economic regulation or taxation of that nation, but not of any other nation.

6. No currency can be created or destroyed by the signatory nations, except in the manner outlined here and in section 7. Each new signatory nation is entitled to create currency for an initial distribution among citizens of that country, under the following conditions:
a. They shall count how many citizens they have who do not currently hold accounts via any existing signatory nation.
b. They shall be entitled to 7,500 units of currency per citizen counted in this manner, to be distributed as they see fit.

7. In addition to section 6, the member nations may authorize a special, once-off creation or destruction of currency if 2/3 of all member nations agree.

8. There shall be an administrator of the bank, with the power to change the region of accounts as required; to create currency for new signatory nations; and to enforce taxation.

9. This administrator shall be elected by the signatory nations. At any time the administrator may be removed by a 2/3 vote of no confidence in the administrator, at which time a new administrator shall be elected by the signatory nations.

10. Should a signatory nation withdraw from this treaty, due to death or otherwise, all currency held in accounts registered in that nation shall be removed.

11. This treaty may be amended with the approval of a majority of all member nations.

Erik Mortis wrote:That's why I'm giving it time.