The implications of this form of monetary creation are tremendous, as this design means the aggregated debt, in the entire economic system, is greater than the money available to pay the interest due. The main consequences are the challenge for continued economic growth and the rising in social inequality. For all these reasons, the creation of payment methods which can elude the money creation out of debt with interest is the first step to building a healthy and sustainable economic system.
On April 4th 2014 an event was held at PIMEC headquarters in Barcelona, in order to present EUROCAT, the project to create a new complementary currency that is expected to run starting June, throughout the Principality. The event set up a period of one month (until the next May 4th) for all companies, institutions and individuals who wish to enroll in the project and become founding participants. The system’s basic structure was explained in the event. The founding participants will shape, in a participatory manner since May 4th, some aspects of the project’s operation, which will be configured in the first version of the system. Registration can be done at http://www.euro-cat.cat.
The event was also designed to evaluate this opportunity of creating a complementary currency in Catalunya, and several speakers presented their point of view over it, trying to bring judgments for extending the reduced vision that exists in the public opinion regarding the monetary system and its importance in the economy and society. During the event, attended by about 100 people, the CCOO coordinator of social economy, self-employment and unemployment, announced to the audience that in this union has been created a working group with the aim of issuing a statement regarding the possible payment of worker's earnings in social currencies.
From the business attendees that fillet out an offered questionnaire, 71% supported the proposal, 26% wanted to be kept informed and 2% did not express any opinion. Jacint Soler, organizational director at PIMEC, opened the event with figures that showed the difficulties of SMBs to get funding, and finished his speech pointing out that Spain holds position 122 in the ranking of countries by access to credit, thereby justifying the interest of PIMEC in evaluating this option as a source of liquidity for SMBs. Martí Olivella, director at NOVA and EUROCAT project promoter, moderated the whole event.
The speakers were Ernest Maragall, vice president of Foundation Catalunya Europa, Marcel Coderch i Collell, former vice president of CMT and EUROCAT promoter, Jordi Griera Roig, co-founder of the Institute for Social Currency and founder of EUROCAT project, Bernard Lietaer, former director of the Central Bank of Belgium, one of the fathers of Euro and expert in complementary currency, and Susana Martín Belmonte, EUROCAT project promoter.
Until 4th of May founding participants will be accepted. Starting that date, by consensus manner, will been set essential aspects of the project, which will finish being implemented. The team behind the project is working with the intention to effectively implement the service in June 2014.