Wealth Creation Cymru

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Wealth Creation Cymru

Towards a Road Map for Economic Self-Determination
through a Regional Currency for Wales

Complementary or ‘community currencies’ have been local experiments world-wide since the mid-eighties.  Over 2500 Local Exchange Trading Systems (LETS) are estimated in addition to hundreds of TimeBanks. South Powys Lets has been operating for ten years and recently been featured by BBC. While LETS teaches people how money can be created as ‘mutual credit’, TimeBanks save ‘time credits’ to ensure care in old age.  

Setting out to benefit from these local experiences with national co-ordination, the Wales Assembly of Women is putting a regional currency for Wales on its agenda with the following considerations:

1.      the Wales Assembly of Women is not capable of taking responsibility for the success of the project but provides the initiative and plays the role of ‘caring godmothers’

2.      the Wales Institute of Community Currencies at the Centre for Community and Lifelong Learning of the University of Wales College, Newport cannot run the project but plays the role of ‘expert guardians’ to bring in expertise in monetary reform and organisational development

3.      the financial support has to be sought from quangos such as Finance Wales and businesses such as the Coop

4.      strategic programs and progress monitoring has to include education about monetary and financial matters on a broad and popular scale

5.      close cooperation is desirable with regional currencies in Germany, that are taking place especially with the support from Steiner schools, to compensate for the effects of the Euro on unemployment and price rises.

Following on from the document CurrencyWales.com that was written in October 2001 and distributed to all Assembly Members, it is now recommended to

¨       ensure funding support and backing for

a.       seed money for meetings with strategic partnership organisations

b.      competition for the right name rather than the ‘Welsh Pound

c.       finance for technical and commercial management and office workers

d.      trust funds for publicly created money

e.       printing and distributing ‘passbooks’ for mutually created money

f.        computers and software to keep accounts of time credits

¨       provide education for anybody who wants to learn more

a.       brainstorming events with key contacts from key organisations

b.      provide expert workshops at regular intervals to ensure information exchanges between key players

c.       compile effective educational and promotional materials for Money, Money, Money workshops

¨       promote the benefits of a regional currency for Wales

a.       make appropriate links between Health Creation and Wealth Creation at the conference of the Wales Assembly of Women on September 20th.

Contact: Eluned Hurn, Chairperson, Wales Assembly of Women, Tel. 01874 711 382
honeylynXgn.apc.org
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