Does it signal the beginning of the end for the euro? Or the rise of monetary devolution? Or a resurgence of micro-communitarianism?
Not clear. But it appears (according to the Telegraph) that Germany, that pioneer of economic efficiency, has developed several local currencies which to some extent rival the use of the euro. One is the "Chiemgauer", used in the Bavarian district of Chiemgau.
On the face of it, it's not much more than a smarter version of LETS, which has always struck me as a bit hippie-ish. I.e. motivated more by socialist ideology than any economic advantages. However, I wouldn't be surprised if the new German currencies aren' t to some extent a consequence of mistrusting the Eurocrats' management of financial affairs (or, indeed, any affairs).
By the way, is it me, or has the term 'technocracy' suddenly become more fashionable among our dear hacks? I wonder why ...
* For non-Germans: the title refers to the (now redundant) German saying "stark wie die Mark" = "strong like the Mark".