{"id":1544,"date":"2011-12-08T10:57:01","date_gmt":"2011-12-08T08:57:01","guid":{"rendered":"https:\/\/clusterfamilyoffice.com\/blog\/?p=1544"},"modified":"2011-12-08T10:57:01","modified_gmt":"2011-12-08T08:57:01","slug":"algunos-bancos-centrales-se-preparan-para-la-salida-del-euro","status":"publish","type":"post","link":"https:\/\/clusterfamilyoffice.com\/en\/algunos-bancos-centrales-se-preparan-para-la-salida-del-euro\/","title":{"rendered":"Some central banks are preparing for an exit from the euro."},"content":{"rendered":"

\"\"<\/strong><\/em>\u00abSome central banks in Europe are beginning to assess contingency plans for the possibility that some countries may leave the euro area or that the monetary union may collapse completely\u00bb.\u00bb<\/strong> This is the headline of the article<\/a> published today in Expansi\u00f3n, which translates the original published<\/a> By David Enrich, Deborah Ball, Alistair MacDonald and Francesco Guerrera on the front page of the Wall Street Journal online. Here is the full text, because it is not to be missed, in this countdown to the re-founding or collapse of the Eurozone. And don't miss the commentary and the graph we have added at the end of the article: <\/p>\n

\u00abSome central banks in Europe are beginning to assess contingency plans in the event that certain countries leave the eurozone or the monetary union collapses entirely, according to sources close to the matter. The first signs have already emerged that central banks are looking into how to revive banknote-based currencies that have not been printed since the launch of the euro in January 2002. At least one, the Central Bank of Ireland, is assessing whether it will need additional printing presses should it have to issue new banknotes for a national currency. <\/em><\/p>\n

Outside the 17 countries that make up the eurozone, numerous European central banks are considering measures to protect themselves from the potential effects of the bloc\u2019s break-up, other sources said. Several, including the Swiss National Bank, are considering possible alternatives to the euro as a foreign exchange benchmark in an effort to keep the value of their currencies stable.<\/em><\/p>\n

The sources emphasised that the central banks\u2019 plans are preliminary and in no way imply that the eurozone is heading for dissolution.<\/em><\/p>\n

\"\"<\/strong><\/em><\/strong><\/em><\/strong><\/em><\/p>\n

A lot at stake<\/strong><\/em><\/p>\n

In any case, the very fact that the issuing institutions are even considering such a possibility \u2013 which until a few months ago was deemed unthinkable \u2013 highlights the rapid deterioration of conditions in Europe. Authorities, central banks and investors around the world have pinned their hopes on a summit to be held this week in Brussels forging a definitive solution to a crisis that has now been dragging on for two years and has cast doubt on the ability of some countries to meet their debt obligations.<\/em><\/p>\n

There is a great deal at stake. If European leaders fail to resolve the crisis, the growing doubts about the viability of the eurozone will intensify. Many officials, bankers and other experts fear that the break-up of the monetary union would not only undo a decade of economic integration but would also trigger financial chaos.<\/em><\/p>\n

On Wednesday, the investment bank J.P. Morgan Chase & Co. published a report in which it advises companies and investors to protect themselves against a collapse of the eurozone, although it estimates that the probability of this happening is 20%.<\/em><\/p>\n

<\/strong><\/em>Before the euro\u2019s formal launch in January 2002, an army of planners spent years orchestrating the logistics of the currency\u2019s introduction, including the printing of billions of banknotes and coins and the distribution of the currency to banks and businesses across the continent. Dismantling the bloc would be a chaotic process at best. Loans and deposits denominated in euros, for example, would have to be converted into new currencies, and each country would have to decide whether to dust off its old coins and, if so, how quickly to produce large quantities of banknotes.<\/em><\/p>\n

Most central banks in the eurozone have limited resources for printing banknotes. Whilst the European Central Bank is responsible for determining the supply of banknotes in the eurozone, it does not print them itself, leaving that task to the central banks of the countries in the bloc.<\/em><\/p>\n

Eurozone countries have different arrangements for printing their share of banknotes. Some, such as Greece and Ireland, have their own printing presses. Others outsource the work to private companies.<\/em><\/p>\n

In recent weeks, officials at the Irish central bank have held preliminary discussions on whether they would need additional printing capacity in the event of a eurozone collapse or if Ireland were to revert to its former currency, the Irish pound, according to people with knowledge of the matter. \u00abAll sorts of things were discussed that hadn\u2019t been considered two months ago,\u00bb said a participant at one of the meetings. A spokeswoman for the Central Bank of Ireland declined to comment on the matter.<\/em><\/p>\n

\"\"<\/strong>Dusting off the printing presses<\/strong><\/em><\/p>\n

<\/strong>The central bank of Greece, widely regarded as the country most likely to leave the eurozone, has a banknote printing works called IETA. Built in 1941, the plant now boasts \u00abstate-of-the-art machinery\u00bb, according to the bank\u2019s website.<\/em><\/p>\n

According to persistent rumours circulating in Athens last year, the Bank of Greece secretly printed drachmas, Greece\u2019s currency before the euro. Jokes circulating via email featured drachma banknotes bearing the image of the then Prime Minister, George Papandreou. The rumours have been blamed for the waves of cash withdrawals from Greek high-street banks.<\/em><\/p>\n

A spokesperson for the Bank of Greece stated that the institution was not looking for ways to increase its printing capacity. \u00abThis matter has not been discussed,\u00bb he said.<\/em><\/p>\n

In Gateshead, in the north of England, a plant run by De La Rue PLC prints banknotes for several eurozone countries. A spokeswoman for De La Rue declined to comment.<\/em><\/p>\n

Whilst some eurozone countries have their own printing works, \u00abthere could be other opportunities following a possible fragmentation of the euro, as many of the smaller countries do not have state-run printing works,\u00bb said Tim Cobbold, chief executive of De La Rue, in a statement. The executive noted that it usually takes around six months to create a new currency with the necessary security features.<\/em><\/p>\n

In Switzerland, which, like England, is outside the eurozone, the central bank has used the euro as an external benchmark in its efforts to maintain the stability of the Swiss franc.<\/em><\/p>\n

The Swiss National Bank is now considering which currency or basket of currencies would replace the euro as the benchmark for setting a ceiling on the currency\u2019s valuation, according to a person familiar with the matter<\/em><\/p>\n

Before the introduction of the euro, the German mark was the main benchmark for Switzerland. Germany is Switzerland\u2019s largest trading partner, so a new German mark could, in theory, replace the euro, the source added, although the central bank is also considering other scenarios, such as the formation of more than one currency bloc within Europe.\u00bb<\/em><\/p>\n

WSJ<\/a><\/em><\/p>\n

As a final note, I have simply attached a revealing chart showing the approximate devaluation against the US dollar that would be required in each country to bring its economy into line with its new national currency:<\/em><\/p>\n

\"\"
\n<\/em><\/p>","protected":false},"excerpt":{"rendered":"

\u00abAlgunos bancos centrales de Europa comienzan a evaluar planes de contingencia ante la posibilidad de que algunos pa\u00edses abandonen la zona euro o la uni\u00f3n monetaria se desmorone por completo.\u00bb Este es el titular del art\u00edculo aparecido hoy en Expansi\u00f3n, que traduce el original publicado Por David Enrich, Deborah Ball, Alistair MacDonald y Francesco Guerrera […]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38,51,45,41,42,39,40,37,48,49,50,55,56],"tags":[],"class_list":["post-1544","post","type-post","status-publish","format-standard","hentry","category-actualidad","category-banca","category-asesoramiento-deportistas-artistas","category-economia-y-finanzas","category-estrategia","category-crear-mi-propio-family-offices","category-gestion-financiera","category-reflexion","category-asesoramiento-patrimonial-multi-family-office-crear-mi-propio-family-offices","category-funcionamiento-family-office-crear-mi-propio-family-offices","category-crear-mi-propio-family-offices-crear-mi-propio-family-offices","category-necesito-un-family-office","category-que-es-un-family-office"],"_links":{"self":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts\/1544","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/comments?post=1544"}],"version-history":[{"count":0,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts\/1544\/revisions"}],"wp:attachment":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/media?parent=1544"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/categories?post=1544"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/tags?post=1544"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}