A transitional alternative is for national Treasuries to create x billion euro's worth of tax anticipation credits, and to issue them directly to public or private entities wishing to create productive assets.

Service-providers-formerly-known-as-banks manage the process and an accountable monetary authority oversees it.

A service charge covers service/platform costs, and there is a guarantee charge paid into a default pool for the use of a Treasury guarantee, from which the service provider gets a performance-based share.

No ECB Euro's are created: the Euro is used as an abstract unit of measure or value standard.

The only question then is what should be the basis of the tax being anticipated. I favour a levy on land rental values, and another on carbon use.

"The future is already here -- it's just not very evenly distributed" William Gibson