Subject The article deals with searching for ways out of the debt crisis in the euro zone. Objectives The principal direction of solving the problems of the euro area appears to be a transition to the multi-currency system. It is necessary to identify advantages and disadvantages of various forms of multi-currency systems to choose the most appropriate one for the euro-zone realities. Methods The basic methodology applied in the study is a reproduction approach. I perform an analysis, considering the combination of closed and open economy for each country. The analysis of actual and statistical data that characterize closed and open reproduction processes enables to determine the best forms of the multi-currency system development. Results The multi-currency system offers a possibility to provide for optimum distribution of money supply among countries, regions and territories of the euro zone. This will create the best conditions to get out of the current monetary crisis in the euro zone. Conclusions Transition to the multi-currency system, where one of the most important currencies is euro, will enable to overcome the downturn. Priority measures for the transition should be taken in Greece, as it is in the most distressed situation.
Keywords: euro-zone, cash flow, monetization, local currency, multi-currency system
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