Laurentian monetary cooperative union
Laurentian monetary cooperative union Union coopérative monétaire laurentienne | |
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 Flag
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Motto: “Two currencies, one value.” | |
| Status | active |
| Location | North America |
| Capital | Saguenay |
| Largest | Villemaison, Saint-Castin |
| Official languages | English, French |
| Government | Collective government |
| Currency | Beremian Piaster / Castinian Piaster (Ᵽ) |
| Time zone | UTC (UTC0) |
The Laurentian monetary cooperative union (in french: Union coopérative monétaire laurentienne) is a monetary area that includes the Newgraviate of Saint-Castin and the Principality of Beremagne, which have adopted the piaster (Ᵽ) as currency.
Union banknotes are in circulation since February 6, 2022.
History
Foundation of the union
At the beginning of 2022, the governments of the Principality of Bérémagne and the Newgraviate of Saint-Castin wished to align themselves on a common currency, while preserving the independence and sovereignty of each.
Thus, the Piastre became the common currency of the two alter-states (Beremian Piaster and Castinian Piaster), aligned with Euro, with a value of 1 Piaster = 0.05 EUR or 20 Piasters = 1 EUR.
Initial institutional architecture and its evolution
When the Laurentian Union was founded, it was decided that its leadership would be established in a collegial manner in order to avoid one entity taking power at the expense of another.
The Bank of Saint-Castin and the Bank of Bérémagne will be entrusted respectively by the Government of the Principality of Bérémagne and by the Government of the Neugraviat of Saint-Castin and with the guarantee of the State, of the application of the of the present Convention; they shall establish the necessary contacts for this purpose. They shall be empowered to conclude the necessary agreements with the international organizations in which their Government participates.