Reclaiming monetary governance: how French convertible local currencies embed strong sustainability through participatory institutions

IF 5.3 2区环境科学与生态学 Q2 ENVIRONMENTAL SCIENCES

Environmental Development Pub Date : 2025-08-20 DOI:10.1016/j.envdev.2025.101332

Nicolas Laurence

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Abstract

This article examines whether French convertible local currencies (CLCs) can operationalise strong sustainability. Drawing on a national survey (53 associations, 431 professionals, 786 users) and a case study of the Eusko, multivariate analysis shows that participatory governance—not territorial scope—is the key organisational predictor of ecological selectivity, including supplier screening and environmental charter adoption. Qualitative evidence clarifies that mixed commissions and collective reserve allocation embed sufficiency criteria in daily practice. However, mandatory one-to-one euro convertibility constrain aggregate impact by linking local money supply to national liquidity cycles and limiting public-sector use. The findings indicate that CLCs can foster sufficiency-oriented innovation where subsidiarity is matched by deliberative capacity, but broader systemic influence depends on regulatory reforms to expand fiscal subsidiarity and green refinancing options. The study contributes empirical evidence to debates on monetary plurality and sustainable provisioning.

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重整货币治理：法国可兑换本币如何通过参与性机构嵌入强大的可持续性

本文考察了法国可兑换本币（CLCs）能否实现较强的可持续性。根据一项全国调查（53个协会，431名专业人士，786名用户）和Eusko的一个案例研究，多变量分析表明，参与式治理——而不是地域范围——是生态选择的关键组织预测因素，包括供应商筛选和环境宪章的采用。定性证据表明，混合佣金和集体储备分配在日常实践中包含充分性标准。然而，强制性的一对一欧元可兑换性将当地货币供应与国家流动性周期联系起来，并限制了公共部门的使用，从而限制了总体影响。研究结果表明，CLCs可以促进以充足为导向的创新，其中辅助性与审议能力相匹配，但更广泛的系统性影响取决于扩大财政辅助性和绿色再融资选择的监管改革。该研究为货币多元化和可持续供给的争论提供了经验证据。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Environmental Development Social Sciences-Geography, Planning and Development

CiteScore

8.40

自引率

1.90%

发文量

审稿时长

74 days

期刊介绍： Environmental Development provides a future oriented, pro-active, authoritative source of information and learning for researchers, postgraduate students, policymakers, and managers, and bridges the gap between fundamental research and the application in management and policy practices. It stimulates the exchange and coupling of traditional scientific knowledge on the environment, with the experiential knowledge among decision makers and other stakeholders and also connects natural sciences and social and behavioral sciences. Environmental Development includes and promotes scientific work from the non-western world, and also strengthens the collaboration between the developed and developing world. Further it links environmental research to broader issues of economic and social-cultural developments, and is intended to shorten the delays between research and publication, while ensuring thorough peer review. Environmental Development also creates a forum for transnational communication, discussion and global action. Environmental Development is open to a broad range of disciplines and authors. The journal welcomes, in particular, contributions from a younger generation of researchers, and papers expanding the frontiers of environmental sciences, pointing at new directions and innovative answers. All submissions to Environmental Development are reviewed using the general criteria of quality, originality, precision, importance of topic and insights, clarity of exposition, which are in keeping with the journal''s aims and scope.