The European Central Bank (ECB) shall leave its gold in the most secret part of its house. But that is not enough; if there be any drawer in its iron chests more private than other, there the ECB lay them; but dirt the ECB throws out of doors.

In his 9 May 2002 acceptance speech of the International Charlemagne Prize of Aachen for 2002, the late Dr. Willem F. Duisenberg, President of the ECB asked in the section “A social contract”:

What is money? Economists know that money is defined by the functions it performs, as a means of exchange, a unit of account and a store of value. But, just as importantly, money is also defined by the community for whom it performs these functions. Because it is an economic instrument for each of its users, it is also a political and cultural bond between them. Consider this simple fact: we engage in an exchange of goods and services everyday by using money as the means of exchange; and we offer our labour in exchange for money, which, in itself, has no value.

(Ivo: money in itself –
Is this the Kantian distinction between the Ding an Sich, the thing in itself, the noumenon, and the appearing phenomenon?
If this is the case, then I am afraid that ……)

We only do this because we believe that we will, in turn, be able to exchange that money for more goods or services. This fact tells us much about the confidence that we place in money itself. And it tells us much more about the confidence that we place in each other. Hence, money is, in essence, a social contract.

(Ivo: the theory of the social contract is a theory concerning the way in which the state is being instituted/established)

The euro, probably more than any other currency, represents the mutual confidence at the heart of our community. It is the first currency that has not only severed its link to gold, but also its link to the nation-state.

(Ivo:
The euro has severed its link to the nation-state.
The theory of the social contract is a theory concerning the way in which the state is being instituted/established.
Duisenberg is apparently thinking of/about another kind of social contract.)

It is not backed by the durability of the metal or by the authority of the state. Indeed, what Sir Thomas More said of gold five hundred years ago – that it was made for men and that it had its value by them – applies very well to the euro.
Every currency is a symbol of the community it serves. It is a symbol of the society as a whole, but also represents the political and cultural bonds between the members of that society. Surely this uniting power must have been felt – I am even tempted to say, physically – by those who have travelled from one euro area country to another this year. - END OF QUOTE

International Charlemagne Prize of Aachen for 2002
Acceptance speech by Dr. Willem F. Duisenberg, President of the European Central Bank, Aachen, 9 May 2002
http://www.ecb.eu/press/key/date/2002/html/sp020509.en.html

This is Sir Thomas More
Utopia
Book II: Of the Travelling of the Utopians
http://oregonstate.edu/instruct/phl302/texts/more/utopia-travelling.html
SNIP
They wonder much to hear that gold which in itself is so useless a thing, should be everywhere so much esteemed, that even men for whom it was made, and by whom it has its value, should yet be thought of less value than this metal.

This is a friend of Sir Thomas More,
Erasmus, in The Praise of Folly
http://www.gutenberg.org/dirs/etext05/8efly10.txt
SNIP
Is there any of you so very a fool as to leave jewels and gold in the street? In truth, I think not; in the most secret part of your house; nor is that enough; if there be any drawer in your iron chests more private than other, there you lay them; but dirt you throw out of doors. And therefore, if you so carefully lay up such things as you value and throw away what’s vile and of no worth, is it not plain that wisdom, which he forbids a man to hide, is of less account than folly, which he commands him to cover? Take his own words, “Better is the man that hideth his folly than he that hideth his wisdom.”

Duisenberg could not possibly refer to the Praise of FOLLY.

Yours truly can.

The European Central Bank shall leave its gold in the most secret part of its house. But that is not enough; if there be any drawer in its iron chests more private than other, there the ECB lay them; but dirt the ECB throws out of doors,
said Erasmus.

Ivo Cerckel
ivocerckel AT siquijor DOT ws