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Introduce the Punt back into the irish economy while also keeping the euro!

  • 15-03-2011 6:25pm
    #1
    21grams
    Registered Users, Registered Users 2 Posts: 7 ✭


    Would it be a good idea to introduce the Irish Punt back into the economy while keeping the euro as the main currency.

    For example have the Punt for domestic use only e.g if you have €1000 in your back account exchange rate is €1 = £1.20. You would have £1200 for buying goods/services domestically, but the goods and services would still keep the same value. e.g loaf of bread is €1 so it stays the same price and can be bought for £1. In return the consumer saves money and can afford to buy more products or is now able to pay off some loans!!

    I have loads more examples that make sense but it will only be to long


Comments

  • #2
    Nody
    Moderators, Category Moderators, Arts Moderators, Business & Finance Moderators, Entertainment Moderators, Society & Culture Moderators Posts: 18,457 CMod ✭✭✭✭Nody


    And please do tell who would accept the punt since it is utterly useless outside of Ireland and most importantly comes with a 20% discount for anyone selling in it (since they had to buy the goods/raw material etc. in euros).


  • #3
    21grams
    Registered Users, Registered Users 2 Posts: 7 ✭21grams


    No use it as a currency inside the country and do not put it on the currency market. As the euro is so scarce it would improve cash flow for a lot of businesses if they all used it and it would lower debts over a period of time. some towns are doing it at the moment. They have there own money for the town to improve consumer spending.

    Its only an idea as it was only came to my head and I said i'd see did anybody else have any similar ideas.


  • #4
    Tea drinker
    Registered Users, Registered Users 2 Posts: 2,817 ✭✭✭Tea drinker


    I heard of this "local" money before, really think it could be done in Ireland though? Revenue commr will never play ball due I reckon.


  • #5
    kilburn
    Registered Users, Registered Users 2 Posts: 3,912 ✭✭✭kilburn


    I can not see this idea working but ten out of ten for original thoughts


  • #6
    ei.sdraob
    Closed Accounts Posts: 9,376 ✭✭✭ei.sdraob


    local currencies would be better idea and they have worked very well in past


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  • #7
    jimmycrackcorm
    Registered Users, Registered Users 2 Posts: 14,403 ✭✭✭✭jimmycrackcorm


    Use the "punt" to pay the public service and the social welfare and it would work even better. Then of course tie the value of it to national income. It's only fair.


  • #8
    [Deleted User]
    Posts: 5,121 ✭✭✭ [Deleted User]


    I don't see how converting balances at 1:1.20 while converting prices at 1:1 would work.

    Would there not just be inflation in £ prices until they were up to £1.20?

    I would keep my cash in € or convert it to € immediately if this happened.


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