Individuals, Local Business, Credit Unions, Galway Enterprise Board, Chamber of Commerce, Local and National Policymakers
New currencies are needed to strengthen localisation in the future. There would be an interchangeable mix of euros, LETS, bartering, timebank and a new local currency (‘Corribs’).
LETS (Local Exchange Trading System) is a local community-based network in which people exchange all kinds of goods and services with one another, without the need for money. A LETS is a local, democratic, not-for-profit community enterprise. It provides an information service, and also records transactions of members exchanging goods and services using the currency of locally created LETS credits. Each participant has a LETS account and a personal LETS account number. Participants post their ‘offers’ and ‘wants’ online. When a member buys something, their account is debited, while the seller’s account is credited by the same amount.
Bartering is simply exchanging goods or services without using money. Bartering can occur between people, businesses, and/or organisations. A comprehensive Galway website would be set up to facilitate local bartering.
In a Timebank system you earn time credits by giving practical help and support to others. One person volunteers to work for an hour for another person; thus, they are credited with one hour, which they can redeem for an hour of service from another volunteer. In each case, everyone’s time is equal. Timebanks are open to individuals, businesses and organisations.
Community Timebank, Glounthaune, Co. Cork
Favour Exchange Ireland