The members of the Basque Monetary Association met in November 2010 the managers of the currency Abeille de Villeneuve-sur-Lot, in Aquitaine (Òlt e Garona). After the relationship, they thought about creating a local currency. There are a lot of people interested in the project. The association was established in June 2011 and it was launched in September 2011. The Basque currency will be issued on 31 January: Euskoa. “We’ve met with a number of Iparralde associations to learn about their views. People who work in the development of the local economy and in the environment, as well as in social and/or Basque issues. We have told them that we want to create a local currency, we have asked them extensively, with the intention of joining it,” said Mendi Esteban of Moneta Vasca. “We heard what they had to say and do. We have looked at the views that have been expressed in the meetings for many years,” adds Xebax Christy.

The currency that is about to be born in Iparralde is called the Eusko.

Xebax Christy: We have done a special job to enroll you. First, we ask people about the names, and we propose them. A jury met for the first election and seven names remained. The day of Herri Urrats this year was known the name of the Basque Country Etxea.

Mendi Esteban: Most of the proposals were made in Basque. The verdict has been resolved by thirteen judges of the National Court. They are local, Basque and non-Basque personalities. We wanted to know if, even if they were not Euskaldunes, they had a hard time pronouncing and listening to their name.

For what purpose will Eusko be issued?

Christy: Being the local currency, our goal is to strengthen the local economy. The Basque Country has the common characteristic of all local currencies. Euskoa can only be used in Iparralde at the beginning. If we use Euskos in a store, the merchant will have to reuse them in the companies here. The money will therefore be returned to our territory. It is not like the euro, for example, it is used in a company and then goes abroad, wherever it may be. The biggest fund is the development of the local economy and reinvestment. It is also a question of working relations between local businesses, creating an inter-company network to accelerate the economy. The partnership has other objectives, which for us are of equal importance: to promote the use of Euskera in public life and to live in a practical way the issue of the environment. Therefore, to companies entering the network, we ask about the involvement in these issues.

How does this kind of currency form?

Esteban: It's very simple. Hand tickets may be purchased for 1 euro. You must be a member of the holding society of Eusko Moneta. You can go as a user to the local variables and get the Eusko-partners card. You can change the euros in all the variables. To buy a hundred Basque you need a hundred euros. The 3% you change will go to an association you choose from. EUR 100 per EUR 100 plus EUR 3 for an association.

Where do these EUR 3 come from?

Esteban: We will contribute these EUR 3. Our goal is to circulate money in Iparralde, we need to attract suppliers to organize a circuit. However, if the shops or companies ever want to change the Basque for the euro, they will be able to do so. However, then they would lose 5% in euros. Our aim, however, is not to change, but not to change. Of course, if someone wants to change it, because they do not find the suppliers they want, or because they have too many Eusko, then they will give us 100 Eusko and we will give you 95 euros. Of the five euros we hold, 2 will go to the Euskal Moneta Association and 3 to other associations.

If no one returns it, you won't make capital. Put in some way.

Esteban: Our goal is not to make capital. We, in principle, have to set EUR 3,000. You as a user and as a partner. Buy 100 Eusko and we have to deliver 3 Eusko to the association you have chosen. Suppose the Basque country is moving well, no ticket will be returned to us and better.

Christy: We will print EUR 100,000, so we need EUR 100,000 for users to deliver to us. We only need EUR 3,000 to leave.

What are the characteristics of Euskera?

Christy: In general, as in other projects such as the Abeille currency, in giving the Basque Country in circulation, so much money must be retained in the bank. The law obliges you to do so. The law tells us that we do not generate money, but Euskal Moneta has wondered about putting money into the bank, into a fund that finances the social economy, in our case the bank Crédit Coopératif. Therefore, instead of leaving that money unused, the bank will be able to devote it to the social economy. On the other hand, we participated with Herrikoa [venture capital]. The people's fund has been set up. We exchange EUR 100,000, as we have said, and the People will contribute that money in the fund to support the projects here. We are also organising the Basque Country through Crédit Coopératif and NEF (Cooperative Society of Financial Solidarity). It's not like having money in a classic bank.

They talked about the law, they deepened that aspect.

Esteban: The money is usually to pay for some titles, the titles are special cards. To get into the law, we first have to be members of an association. In this sense, we request their adherence through cards both for users and for service providers or companies. Likewise, by law, the bank needs euros such as those of the Basque people in circulation.

Christy: We must always be prepared to pay for the Basque Country in euros, or to show that we do not generate money, and that we have a hundred euros in the bank. This capital is located in Crédit Coopératif. Money and banknotes are controlled by the Bank of France.

Esteban: We have been with the Bank of France, we did not have to be careful, but we wanted to be absolutely sure of what we are doing. We have been with lawyers who are experts in French and European laws to be advisors.

Something more than the network?

Esteban: In the organization of the Network we are in two phases: when we have contacted the users, the users introduce their data via the Internet. Then we have to go to them expressly to explain the proper functioning. Currently 150 names have been registered on the Internet, but none of the members of the network have yet signed. They are companies and businesses, among others. We are interested in having and giving as much information as possible, but our concern is to physically meet those behind the mail. We often hear or read that it's interesting, but then they don't move forward. It's a long-term job.

Have you spoken to the institutions?

Esteban: Those who talk about consumers and businesses have had to do with the Civic Centres. In principle, the idea is well grasped, we have launched a grant campaign, we do not know what kind of reception or results we will have, because we have not yet received any response. You'll see what they give.

You mentioned the people. Your commitment is important, isn't it?

Esteban: On the one hand, supporting this venture capital society is very important, and then it is something else, because it has created an egalitarian fund for us: if you buy the Basque Country, for every euro we will have a Basque in the bank and that of Herroa will invest the same burden of money in the Iparralde economy. Even if it doesn't look like that, the impact is tremendous. If you exchange 100 euros, you do not lose purchasing power, you give money to the association and also 100 euros will be invested in our economy. Then your purchase acquires a larger dimension.

You are not a bank, but how are you going to bring to life the structure of your association?

Esteban: For the time being we are militants, but we also want to create jobs, one or two. Of course, first they have to be right people, with a proper profile, they have to be base militants, they have to believe in the project. They have to agree with our main criteria. We will not create money, the Basque country is a currency for creating projects, but it is true that we also have to attract our self-financing. At the moment...

Who is going to make the tickets? Do you think they can be counterfeited?

Christy: They will be manufactured by a printing press, the banknotes will have a security system, such as the euro. Also on our tickets there will be a shiny band, a drawing, inserted in paper. It appears immediately when you photocopy a Euro-ticket, which becomes black, as with the Basque.

Esteban: The printing press has also given us a special role, the Basque country will be printed on the traditional role of the euro.

Does the crisis situation help your project? Or the other way around?

Christy: The crisis makes the need for Euskera greater than ten years ago, as by using the Euskos in Iparralde, you know that it will strengthen the economy here.

Esteban: The awareness of the crisis is growing and growing, and the Basque Country can still help more in this regard. People are understanding why it is increasingly important to consume in the local market.

Tickets will be circulated shortly. What is the main task?

Esteban: First we have to print 100,000 Eusko, and get them going, at first that's our main part. Then, the aim is for banknotes to circulate as much as possible, for banknotes to be resumed as little as possible. This must be ensured to ensure that the circuit is completed correctly. Also, through Herrikoa, which makes loans with companies, we have to look carefully at what he is going to bring in companies. Our objective is to help some companies and create new activities, but for the Basque Country to accompany something that is missing, we still need to know exactly what those shortcomings are.

Christy: For me, the Basque Country can have two effects: first, by creating the local network, relationships between people here are made easier, not only between companies, but consumers are strengthening relationships with companies, with associations, rather than making them come from outside, with the local; think differently about the ways of doing things, encouraging local dynamics between us. For example, companies that will have Euskera will have a sticker on Euskera to indicate that they use it and accept it. We have drawn up a catalogue with which some workers can find out in Basque or learn Basque. Then we hope that they will speak Basque more fluently in some shops, as efforts are being made around the Basque country.

Do you have the initiative in Iparralde, perhaps to stay in Hegoalde?

Esteban: We have initially limited our intention, then we would like to extend our project to the South in the most natural way possible. We wanted to start with the small, because the North is large enough to leave. We shall see it on a second occasion. For example, if a merchant here asks us that there are potential suppliers and that they want to enter the network, ahead. It's already happening if there are contacts with customers from the South. At the moment it is not in our daily lives, because with the one here it is enough for us. The truth is, to begin with, we have to study their laws well in order to do so with all the legal needs. We have been elected to start here legally, we will certainly not make pastries.

Christy: There's work on the South. The project that is now being conceived has been launched for two years, and then we will see.

In the Herri Urrats that is usually organised by SEASKA, will the Basque Country be used as the euro?

Christy and Esteban: We would like to do so. If the organization accepts it, it will also be possible to purchase the local card in Basque.