Of course not, but my point is, there's no new monetary policy: this isn't some kind of fancy new currency. It's just monopoly money backed 1:1 with Euros, or

Of course not, but my point is, there's no new monetary policy: this isn't some kind of fancy new currency. It's just monopoly money backed 1:1 with Euros, or rather 'pretty chits that are just Euros'. Obviously there are consequences ... but nobody is printing money, issuing credit/new debt. As someone mentioned above, with a 5% trade cost ... that's a lot. This is a very interesting experiment worth possibly repeating.