Lo SCEC to the Rescue?

NEW YORK--(Italy Watch)--Since the introduction of the euro many Italians have been skeptical of its benefit, pointing out that the common currency raised housing and food costs. Seven years later, some Italian cities have found a solution: lo SCEC.

Lo SCEC stands for "Sconto ChE Cammina" -- the discount that works -- and it has already been introduced within the city limits of Napoli and Trento. The money is distributed freely and creates a subterranean collective economy based on mutual trust, since any business at any time can choose to stop accepting SCECs.

Lo SCEC provides the consumer and the producer a discounted price on the euro; if a store offers a 20% discount on items, a 10 EUR item would cost 8 SCEC.

The site www.progrettoscec.com details that 110,400 SCEC are in circulation, and the numbers could grow due to Beppe Grillo's recent support for the currency.

The initiative, started by groups of small business owners, private citizens and artisans, determined that the fundamental problem was that the euro immerged and is managed "in the exclusive interest of the banks, not the citizens." In Italy, where a large part of the population feels that they have lost purchasing power since the introduction of the euro, the introduction of lo SCEC is a noteworthy development.