Agreed. His ideas would seem to be more along the line of creating a parallel currency in the deficit country, which under Lisbon is legal.
This would seem easier to organise than SEURO by an order of magnitude and make sure that most of the stimulus happens locally until such time as this currency is recognised abroad, which may be never. So that makes two advantages. Not sure how it could be gamed by the financial sector as convertibility would be restricted.

There is a possibility that in a second phase such currencies could join a SEURO I suppose, but that could not be an immediate response to a crisis.

Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi