[cc_research] A positive article from a legal counselor for the Central Bank of Brazil on complementary currency systems

[Bernard Lietaer]

Dear Stephen,

Thank you for drawing my attention to this important paper.
It is the first time that we get a central bank to acknowledge CCs as a 
positive instrument...

Best,

Bernard

www.lietaer.com



Stephen DeMeulenaere wrote:
> A positive article from a legal counselor for the Central Bank of 
> Brazil on complementary currency systems
>
> http://www.uea.ac.uk/env/ijccr/pdfs/IJCCRvol13(2009)pp76-94Freire.pdf
>
> SOCIAL ECONOMY AND CENTRAL BANKS: LEGAL AND REGULATORY
> ISSUES ON SOCIAL CURRENCIES (SOCIAL MONEY) AS A PUBLIC
> POLICY INSTRUMENT CONSISTENT WITH MONETARY POLICY
>
> Abstract
>
> In Brazil, the National Secretariat for Solidarity Economy has 
> encouraged the establishment
> of Community Development Banks that issue “social currencies for local 
> circulation”, and
> has struggled to set up a regulatory framework for the use of social 
> currencies, by means of
> public policies for solidarity finance, at the federal, state, and 
> municipal levels of
> governments. Can social currencies be regarded as public policy 
> instruments compatible with
> monetary policy under the responsibility of central banks? With the 
> aim of systematizing this
> question and allowing the Central bank of Brazil to elaborate a 
> reference study on this
> subject, this essay defines social currencies on the basis of 
> constitutional precepts; identifies
> and examines legal and regulatory issues and logistical and 
> operational aspects relating to
> social currency systems; and investigates why social currencies should 
> be regarded as public
> policy instruments for local development compatible with monetary policy.
>
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