Profits deal means euro will not be backed by gold

SPECIAL CBNET REPORT - One result of the deal to distribute the profits of the euro is that the euro will be an almost entirely paper-backed currency.

A by-product of the deal to distribute the profits of the European Central Bank is that the euro will be an almost entirely paper-backed currency. While eurozone central banks are big holders of gold, with stocks worth 130bn euro, almost none of this will be "earmarked" to back the note issue.

The reason for this is a political compromise over

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