Eusko (Euskal Moneta)

Community Currency

Largest local complementary currency in Europe with 4.5 million euskos in circulation, accepted by ~1,300 businesses and supported by 4,000 individual members across the Northern Basque Country.

Type	Community Currency
Region	Basque Country, France
Status	Active
Links	Website

M69 Score

M69 Alignment2.6

Weakly aligned

1.02.03.04.05.0

Monetary Sovereignty2.3

Issuance (3x) + Stability (2x) + Fiat Indep. (2x)

Civilizational Durability2.5

Sovereignty + Governance + Resilience

Universal Adoption3.6

Traction (2x) + Inclusivity

Iss Mod3x

2.8

Stability2x

2.4

Fia Ind & Int2x

1.3

Traction2x

4.0

Sovereignty

1.7

Governance

2.9

Resilience

2.8

Inclusivity

2.9

Scored against the Money2069 Manifesto — see methodology. Higher = more aligned.

Key Findings

Strongest category: Traction (4.0)Eusko is the largest local complementary currency in Europe with 4,600 users, 1,400 professionals, 40+ municipalities, and 6.8 million eusko in annual transaction volume. Its 13-year track record of continuous growth, survival through COVID-19, and successful navigation of a legal challenge from the French prefecture demonstrate exceptional real-world traction that few alternative monetary projects achieve.

Weakest categories: Fiat Independence (1.3) and Sovereignty (1.7)These are not gaps but core design choices. The Eusko is a Euro wrapper by architecture -- 100% Euro-backed, hard-pegged 1:1, dependent on French banking and regulatory infrastructure. French authorities (ACPR, prefecture) have demonstrated their ability to challenge operations. These scores cannot improve without fundamental redesign.

Notable strength: Cultural identity and narrative (TR-11: 5)The Eusko's integration of economic relocalization, Basque language preservation (Euskara), and ecological values into a single instrument creates an exceptionally strong cultural identity. The requirement for businesses to commit to Basque language promotion (bilingual signage or welcome) and environmental practices makes it more than a monetary tool -- it is a cultural movement with centuries-deep roots in Basque identity.

Key differentiator from peers: Open-source technologyUnlike most local complementary currencies that run on fully proprietary systems, Eusko uses Cyclos (GPL-licensed) and maintains public GitHub repositories. The Lokavaluto/Monujo project extends this to other local currencies. This open-source approach is a meaningful step toward M69 values, though it falls far short of blockchain-based cryptographic enforcement.

Notable gap: No demurrage or anti-concentration mechanismUnlike the Chiemgauer (which scores 5 on IN-07 with its 6% annual demurrage), the Eusko has no structural mechanism to prevent wealth concentration or encourage circulation. The 5% reconversion fee discourages Euro conversion but does not penalize hoarding. This is a philosophical gap between the Eusko's approach and Gesell-inspired monetary design.

Big takeawayEusko is the strongest real-world demonstration of a local complementary currency in Europe, with exceptional traction, cultural integration, and community governance. It proves that a values-driven, charter-based local currency can grow steadily for over a decade and integrate with municipal government. However, its total dependence on the Euro and French regulatory framework, combined with centralized custodial architecture and no technological enforcement of monetary rules, place it outside M69's vision of fiat-independent, sovereign, censorship-resistant money. The M69 movement should study its lessons on cultural identity integration, multi-stakeholder governance, and charter-based business onboarding while building on fundamentally different monetary and technological foundations.

Detailed Rating Breakdown

Framework v0.2-alpha · Rated 2026-04-10

Eusko is the largest local complementary currency in Europe, launched on January 31, 2013, by the nonprofit association Euskal Moneta in the Northern Basque Country (Pays Basque Nord), France. It operates as a Euro-pegged voucher system at 1:1 parity, available in both physical banknotes (1, 2, 5, 10, 20 eusko denominations) and digital form via the Euskopay mobile app and Euskokart payment card, with digital eusko comprising approximately 60% of circulation. As of 2025, approximately 4.5 million eusko are in circulation, with a transaction volume of 6.8 million eusko, a network of roughly 4,600 individual users and 1,400 professionals, and 40+ participating municipalities. The 3% Eusko donation program distributed 79,000 eusko to 62 associations in 2025. The currency's charter uniquely requires participating businesses to commit to environmental practices and Basque language (Euskara) promotion, making it both an economic and cultural instrument. From an M69 alignment perspective, Eusko demonstrates notable strengths in traction, community governance, and cultural identity. Its 13-year operational track record, steady growth through crises including COVID-19, and deep integration with municipal governments and local associations represent exceptional real-world adoption for a complementary currency. The college-based governance structure with multiple stakeholder groups and transparent statutes is more sophisticated than most local currency projects. However, the fundamental architecture as a Euro-pegged, regionally restricted, centrally operated system creates deep structural tensions with M69's vision. The currency is 100% Euro-backed with no fiat independence, operates within French regulatory jurisdiction, requires identity verification, and has no blockchain or smart contract enforcement of monetary rules. Notably, Eusko distinguishes itself from peers like the Chiemgauer through its open-source technology stack (Cyclos backend, GitHub repositories), its much larger user and business network, and its strong cultural-linguistic mission, though it lacks demurrage and therefore has weaker anti-hoarding mechanisms.

Issuance Model3x

2.8

Code	Question	Score
IM-01	Is issuance permissionless?Issuance is restricted to the Euskal Moneta association. Users cannot mint eusko; they must exchange Euros at authorized exchange offices (27 bureaux de change) or via bank transfer to their Eusko account. The issuing authority is a single nonprofit association with a defined governance structure. [1][2]	1
IM-02	Is new supply created through debt?New eusko are created when users exchange Euros at 1:1 parity -- this is a purchase/exchange model, not a lending model. No debt is involved in issuance. The Euros received are placed in a regulatory reserve fund. The system is entirely debt-free in its issuance mechanism. [1][2]	5
IM-03	Is issuance tied to measurable real-world economic activity?Issuance is indirectly tied to local economic activity -- new eusko are created only when someone deposits Euros, representing a real intention to participate in local commerce. However, there is no algorithmic link to a real-economy index; supply depends entirely on voluntary Euro deposits. The charter requirements (environmental + Basque language) add a qualitative economic signal but no quantitative measurement. [1][2]	2
IM-04	Does the issuance model have a supply cap or hard ceiling?Supply is elastic with no hard cap -- it expands when users deposit Euros and contracts when businesses convert eusko back to Euros (paying the 5% fee). Unlike the Chiemgauer, there is no demurrage mechanism to automatically contract idle supply. Contraction relies entirely on voluntary reconversion. The supply has grown steadily from 126,500 at launch to 4.5 million in 2025. [1][2]	3
IM-05	Can supply contract (burn/redemption) as well as expand?Supply contracts when businesses convert eusko back to Euros (at a 5% fee), effectively burning the eusko. This is the only contraction mechanism -- there is no demurrage, no automatic decay, and no protocol-level contraction. Contraction is entirely user-initiated through redemption. The 5% fee discourages but does not prevent reconversion. [1][2]	3

Spending Power Stability2x

2.4

Code	Question	Score
SPS-01	What mechanism does the protocol use to target spending power stability?The Eusko uses a fixed 1:1 Euro peg as its stability mechanism -- each eusko is backed by one Euro in a regulatory reserve fund. Stability is maintained through full reserve backing and the ability to redeem (at a 5% fee). The peg is passive (maintained by reserves), not algorithmic. There is no active stability mechanism beyond the reserve backing. [1][2]	2
SPS-02	What benchmark is used to measure spending power?The benchmark is the Euro -- a single fiat currency. The 1:1 peg means Eusko inherits the Euro's inflation rate. No independent purchasing power benchmark exists. The Euro is relatively stable among fiat currencies but still delivers meaningful inflation over time (e.g., 5.2% in France in 2022). [1][2]	2
SPS-03	How transparent and verifiable is the stability measurement?The stability mechanism (Euro peg via reserves) is conceptually simple and transparent. The Cour des comptes (French Court of Auditors) has audited the association, providing external verification. However, reserve auditing is not continuous or on-chain. The Cour des comptes report noted some risk management gaps. Users must trust the association to maintain full reserves between audits. [1][2]	3
SPS-04	What is the protocol's historical deviation from its stability target?The 1:1 Euro peg has been maintained for 13+ years without any reported depegging events. The full-reserve model ensures the peg holds. This is a strong track record. However, this measures peg stability to the Euro, not purchasing power stability -- the Euro itself has lost significant purchasing power over this period. [1][2]	4
SPS-05	Does the protocol distinguish between short-term volatility and long-term purchasing power drift?The Euro peg provides short-term price stability (no volatility relative to Euro). However, the protocol makes no distinction between short-term and long-term purchasing power. It inherits the Euro's long-term inflation without any countermeasure. There is no mechanism to address long-term drift. Unlike demurrage currencies, there is no compensating velocity effect. [1][2]	1
SPS-06	Is the stability mechanism accessible globally?The stability mechanism is restricted to the Northern Basque Country (Pays Basque Nord) in southwestern France. Users must interact with local exchange offices or be within the geographic network. The currency is regionally restricted by design. Tourists can open temporary vacation accounts, but this is still geographically bounded. Some plans exist to expand to parts of the Southern Basque Country (Spain). [1][2]	2

Fiat Independence & Interoperability2x

1.3

Code	Question	Score
FI-01	What is the protocol's unit of account?The Eusko is hard-pegged 1:1 to the Euro. All prices are denominated in eusko at Euro parity. The unit of account is fully borrowed from the Euro -- 1 eusko = 1 EUR by definition. There is no sovereign unit of account. The name "eusko" is distinct but the value is identical to the Euro. [1][2]	1
FI-02	What is the fiat composition of the protocol's collateral or reserves?100% Euro reserves. French law requires that every eusko in circulation must find its euro counterpart in a regulatory reserve fund. The system is a full-reserve Euro wrapper. There are no non-fiat assets in reserves. [1][2]	1
FI-03	Does the protocol depend on fiat banking infrastructure to function?Entirely dependent on Euro banking. Users transfer from bank accounts to Eusko accounts. The reserve fund is held in Euro bank accounts. The ACPR (French banking supervisor) exemption is required for operations. Without the French banking system, Eusko cannot function. Physical notes provide some independence but digital eusko (60% of volume) requires banking rails. [1][2]	1
FI-04	Are the protocol's price feeds and oracles fiat-denominated?The system does not use oracles or price feeds in the crypto sense. The entire valuation framework is Euro-denominated. The 1:1 peg means all value is expressed in Euro terms. There is no independent price discovery mechanism. [1][2]	1
FI-05	What happens to the protocol if the primary fiat currency it references collapses or depegs?If the Euro collapses, the Eusko collapses with it -- it is a 100% Euro-backed instrument with a hard 1:1 peg. There is no recovery mechanism, diversification, or independence from Euro systemic risk. The reserve fund denominated in Euros would lose value in lockstep with the Euro. [1][2]	1
FI-06	Does the project have a credible transition path from fiat-dominated adoption to fiat-independent operation?No transition path exists or is contemplated. The Eusko is explicitly designed as a complementary currency operating alongside and dependent on the Euro. Fiat independence is not a goal of the project. The association's mission focuses on economic relocalization, Basque language, and solidarity -- not monetary sovereignty from fiat. [1][2]	1
FI-07	Can local or sectoral currencies be denominated in or settle against this currency?The Eusko is itself a local currency, not a base layer for other currencies. However, the technology stack (Cyclos + Monujo) is used by other local currencies through the Lokavaluto project, suggesting some composability at the software level. No other currencies denominate in or settle against the Eusko. The Eusko does not serve as a settlement layer. [1][2]	2
FI-08	Does the protocol define open standards for interoperability with other monetary systems?No formal open standard for monetary interoperability exists. However, the shared technology stack (Cyclos, Monujo) with other French local currencies creates de facto technical interoperability potential. The Lokavaluto project provides a common mobile app framework. There is no cross-currency settlement protocol or exchange rate discovery mechanism between local currencies. [1][2]	2

Traction2x

4.0

Code	Question	Score
TR-01	Is the project still active?Fully active, growing, and operational as of 2025. The Euskopay app is maintained and updated, the website is current, exchange offices operate, and the network continues to expand. Transaction volume reached 6.8 million eusko in 2025, a new record. The project is targeting 5 million eusko in circulation. New staff positions are being hired (e.g., Euskara development officer in 2024). [1][2]	5
TR-02	How long has the project been in existence?Launched January 31, 2013, the Eusko has been in continuous operation for 13+ years. The founding association AMBES was created in 2011 to develop the concept. This is a strong track record, though shorter than the Chiemgauer's 22+ years. [1]	5
TR-03	How many active users does the project have?Approximately 4,600 individual users and 1,400 professionals as of 2025, totaling approximately 6,000 participants. This places it in the 1K-10K range. It is the largest local currency network in Europe by these metrics. [1][2]	2
TR-04	How many businesses or organizations accept the project's currency?Approximately 1,400 professionals (businesses, merchants, craftspeople, farmers, associations) accept eusko, plus 40+ municipalities. This places it in the 1,000-10,000 range with meaningful sector coverage spanning retail, services, food, health, culture, and public services. [1][2]	4
TR-05	Is the currency used as a unit of account?Within the Eusko network, prices are denominated in eusko at 1:1 Euro parity. Participating businesses display eusko prices (equal to Euro prices). Municipal services (swimming pools, sports clubs) are priced in eusko. This represents genuine unit-of-account usage within a defined community, though the unit is numerically identical to the Euro. External pricing in Euro dominates. [1][2]	4
TR-06	Is the founder or core team still actively working on the project?Dante Edme-Sanjurjo, co-founder and former general director, remains actively involved. The association has a paid staff team including Nikolas Blain (coordination) and Klodina Aphesteguy (recruitment/events) among others. New positions are being created and filled (Euskara development officer in 2024). Leadership continuity is strong. [1][2]	5
TR-07	What partner organizations or institutions support or integrate the project?Extensive partnerships: 40+ municipalities, the Basque Country Agglomeration Community (158 municipalities, joined unanimously in 2018), 62+ associations receiving 3% donations, Office of the Basque Language, AEK (Basque language school), inquiries from the Institute of the Circular Economy of Wales and Belgian associations. Multiple sectors including government, education, language promotion, and environmental organizations. [1][2]	5
TR-08	Is the project covered or recognized by credible external sources?Peer-reviewed research in the International Journal of Community Currency Research (IJCCR, 2020), the Journal of Economic Issues (2024, Taylor & Francis), HAL-SHS archives, EDHEC Business School research, Cour des comptes audit report. Major media coverage from France 24, The Local, Spain in English, Coinworld, Europe 1, France Bleu. Cited in policy discussions around French municipal payment law. [1][2][3]	5
TR-09	Is adoption organic — not dependent on subsidies, incentives, or mandates?Adoption is primarily organic -- users participate voluntarily for ideological reasons (support local economy, Basque language, ecology) and practical benefits (3% association donations, "seal of quality" for ethical businesses). There are no token emissions, yield incentives, or mandates. The 3% donation is a mild incentive but flows to associations, not to users directly. Municipal adoption is voluntary. [1][2]	4
TR-10	What is the growth trend over the past 12 months?Strong growth: circulation grew from 4.4 million (2024) to 4.5 million eusko, transaction volume from 6.5 million to 6.8 million, 3% donations from ~70,000 to 79,000 eusko distributed to more associations. Two to three new accounts opened daily. The project set new records in 2025 across multiple metrics and is targeting 5 million in circulation. [1][2]	4
TR-11	Does the project have a coherent narrative and cultural identity that drives long-term commitment?Exceptionally strong cultural identity rooted in Basque identity, language preservation (Euskara), ecological values, and economic solidarity. The currency explicitly requires businesses to commit to Basque language promotion (bilingual signage or Basque welcome). Cultural events include the annual Eusko Eguna (Eusko Day). The narrative integrates economic, linguistic, and environmental goals into a unified identity that goes far beyond financial utility. The Basque cultural identity provides centuries-deep roots. [1][2]	5

Sovereignty

1.7

Code	Question	Score
SO-01	Can any single entity shut down the project?The French financial regulator (ACPR/Banque de France) could shut down the project by revoking its operating exemption. The Prefecture of Pyrenees-Atlantiques already challenged municipal use in 2018. Additionally, the banks holding the Euro reserve fund could withdraw cooperation. French regulatory action would materially impair or halt the project. [1][2]	2
SO-02	Is the project's core infrastructure permissionless and self-hostable?The Eusko uses Cyclos (GPL-licensed open-source banking software) as its financial backend and Monujo for mobile interfaces. Euskal Moneta has public GitHub repositories (api, bdc, dossier-agrement). The core Cyclos platform is open-source and self-hostable. However, the specific Eusko configuration, data, and operational setup are centralized. The open-source stack is a meaningful differentiator from fully proprietary systems. [1][2][3]	3
SO-03	Is the project subject to the jurisdiction of a single nation-state?Fully subject to French jurisdiction. The association Euskal Moneta is registered with the Bayonne sub-prefecture, Pyrenees-Atlantiques. All operations occur within France under French law. The currency requires ACPR exemption under the French Monetary and Financial Code. Expansion plans to the Southern Basque Country (Spain) could introduce a second jurisdiction but have not materialized. [1][2]	1
SO-04	Does the project control or custody user funds?The system is primarily custodial. For digital eusko (60% of circulation), Euskal Moneta holds all balances in its centralized Cyclos database. Users cannot self-custody digital eusko. Physical notes can be held by users (self-custody of paper), representing approximately 40% of circulation. Euro reserves are held in bank accounts controlled by the association. [1][2]	2
SO-05	Is the project resilient to key-person risk?Dante Edme-Sanjurjo as co-founder and former general director has been the project's public face since inception. However, the team has grown to include paid staff members, and the college-based governance structure distributes authority across multiple bodies. The project appears to have some succession planning through its organizational structure, though Edme-Sanjurjo remains prominent. [1][2]	3
SO-06	Does the project depend on any third-party service that could be revoked?Critical dependencies on: (1) banks holding the Euro reserve fund, (2) ACPR exemption from the French banking regulator, (3) Cyclos hosting infrastructure. The Cour des comptes noted the association filed for ACPR exemption with a 2-year delay, highlighting regulatory dependency. Banks are the most critical single point of failure. [1][2]	1
SO-07	Can the project be censored — can specific users or transactions be blocked?The centralized Cyclos database gives the operator full capability to freeze accounts, block transactions, or remove users. Membership can be revoked by the association. The charter includes requirements for businesses (environmental and language commitments), and non-compliance could lead to exclusion. While there is no evidence of arbitrary censorship, the technical and organizational capability exists. [1][2]	2
SO-08	Does the protocol protect transaction privacy as a monetary right?Limited privacy. The Cyclos system maintains a complete record of all digital transactions. Physical eusko notes provide cash-like anonymity (40% of volume). The Euskopay app states "no data shared with third parties" but the operator has full visibility of digital transactions. French data protection law (GDPR) applies but this is regulatory, not protocol-level privacy. [1][2]	2
SO-09	Does the technology enforce the project's monetary rules such that governance cannot silently override them?No technological enforcement of monetary rules. The exchange rate, conversion fees, charter requirements, and all other parameters are controlled by the association's governance bodies. The Cyclos platform is configurable by administrators. While the governance structure provides checks (multiple colleges, General Assembly approval), there are no smart contracts, immutable code, or cryptographic constraints. The rules are organizational policy changeable by governance decision. [1][2]	1

Governance

2.9

Code	Question	Score
GO-01	How are decisions about the project made?Decisions are made through a formalized multi-body governance structure: General Assembly (annual, all members), College Committee (representative body of multiple stakeholder colleges), Steering Committee (operational management), Approval Committee, and Executive Board. The statutes are publicly available on the website. Major decisions require General Assembly approval. This is more formalized than most complementary currencies. [1][2]	4
GO-02	Who has voting or decision-making power, and how is that power distributed?Power is distributed across multiple colleges representing different stakeholder groups: Founding Values College, Users Colleges, Providers College (businesses/associations accepting eusko), Active Members College (9 members), Associations benefiting from 3%, and Local Authorities. The college system prevents any single stakeholder group from dominating. However, with approximately 4,600 individual members, the governance base is relatively small. [1]	3
GO-03	Is the governance process — and the monetary mechanism itself — transparent and publicly auditable?Governance statutes and operating rules are publicly published on the website. The Cour des comptes conducted an external audit. Financial accounts are presented at the annual General Assembly. However, deliberations happen in French with no on-chain record, no public archive of governance decisions, and no immutable voting records. The Cour des comptes found gaps in risk management transparency. [1][2]	3
GO-04	Can governance be captured by a small group or hostile actor?The college system provides structural capture resistance by design -- multiple stakeholder groups (users, businesses, associations, municipalities, founding values) must participate. No single college can dominate. The consensual proposal mechanism for the Active Members College adds further protection. However, with a relatively small membership base, sustained organized effort could influence outcomes. [1]	3
GO-05	How are upgrades and changes to the protocol or project proposed and executed?Changes to operating rules are drafted by the Steering Committee and require validation by the Approval Committee. Membership fee changes follow the same validation path. Major changes require General Assembly approval. The statutes describe the process but there are no formal time-locks, public discussion periods, or veto mechanisms beyond the multi-body approval chain. [1][2]	3
GO-06	Is there a separation between governance over monetary policy and governance over operational decisions?The multi-body structure (General Assembly, College Committee, Steering Committee, Approval Committee) provides some separation. The Approval Committee specifically validates changes to operating rules and fee levels, creating a check on the Steering Committee. However, there is no formal constitutional separation between monetary policy and operational decisions -- both go through similar governance channels. [1]	3
GO-07	Does the project have a constitution, charter, or set of immutable principles?The association has published statutes and a charter with core principles: economic relocalization, Basque language promotion, environmental sustainability, and solidarity. Businesses must commit to environmental and language challenges. However, these principles are not immutable -- they can be changed through the General Assembly process. They are organizational bylaws, not constitutionally protected principles. [1][2]	3
GO-08	Can the project's issuance rules be changed, and are monetary policy changes subject to stronger constraints than operational changes?Issuance rules (the 1:1 Euro peg, 5% reconversion fee, 3% association donation) can be changed through the governance process. The Approval Committee must validate changes to operating rules, providing one layer of protection. However, there is no evidence that monetary policy changes require stronger constraints (supermajority, extended time-lock) than operational changes. Both follow the same governance path. [1][2]	2

Resilience

2.8

Code	Question	Score
RE-01	Has the project survived a major crisis or adversarial event?The Eusko survived the COVID-19 pandemic (2020-2021) with disrupted field operations but accelerated digital adoption, surpassing 2 million eusko in circulation by December 2020. It also survived a direct legal challenge from the Prefecture of Pyrenees-Atlantiques in 2018, ultimately winning the right for municipalities to use the currency and influencing French legislation on local currency payments. Both crises were navigated successfully. [1][2]	4
RE-02	Does the project have redundancy in its critical infrastructure?Limited redundancy. The Cyclos instance is a central point of failure for digital transactions. Physical notes provide some redundancy (if digital fails, paper can still circulate) at approximately 40% of volume. The 27 exchange offices provide geographic distribution. However, there is no documented backup infrastructure, no distributed nodes, and no public disaster recovery plan. The Cour des comptes noted gaps in risk management. [1][2]	2
RE-03	Can the project recover from a catastrophic failure?The concept is simple enough to rebuild (Euro-backed voucher with charter requirements), and the Cyclos platform is open-source. The GitHub repositories preserve some institutional knowledge. However, account balances, transaction history, and member databases are held in centralized systems. A total data loss would erase digital balances. The broad community knowledge base and open-source code improve theoretical recoverability. [1][2]	3
RE-04	Is the project's design simple enough to be maintained and understood long-term?The core design is simple: exchange Euros for eusko at 1:1, spend locally at participating businesses, 5% fee on reconversion, 3% goes to associations. The charter requirements (environment + language) add complexity but are straightforward. A new person can understand the concept in minutes. The Cyclos platform adds technical complexity but is well-documented open-source software. [1][2]	4
RE-05	Is the project dependent on a specific technology that could become obsolete?The Cyclos platform is open-source, actively maintained, and used by 1,500+ payment systems worldwide. The core concept (local voucher currency) is technology-agnostic and can be re-implemented. The mobile app (Euskopay/Monujo) uses standard QR code technology. Physical notes are inherently technology-independent. The technology stack is mainstream and migration paths exist. [1][2]	4
RE-06	How does the project handle economic stress (bank runs, liquidity crises, collateral crashes, inflation/deflation shocks)?The full-reserve model (1 EUR per 1 eusko) means there is no collateral crash risk in the traditional sense. The 5% reconversion fee creates friction against runs but is not a true prevention mechanism. During COVID-19, the system demonstrated anti-cyclical behavior with accelerated digital adoption. However, there are no explicit circuit breakers, no dynamic adjustment mechanisms, and the Euro peg means Eurozone inflation transmits directly. [1][2]	3
RE-07	Does the project have sustainable funding for long-term maintenance?Funding comes from: (1) the 5% reconversion fee (split between 3% donations and 2% operations), (2) membership fees from individuals (annual subscription) and businesses (7-20 EUR/month based on size), (3) potentially interest on the Euro reserve fund. With 6.8 million eusko in annual transaction volume and growing, the fee-based model appears sustainable. The project has sustained itself for 13 years. However, the Cour des comptes audit may have implications for operational costs (compliance). [1][2]	3
RE-08	Can the system operate across extreme latency, disconnected networks, and multi-century timescales?Physical eusko notes can function in disconnected environments (like cash), representing 40% of circulation. The digital system requires connectivity to the Cyclos server. The system was not designed for multi-planetary or extreme-latency scenarios. The concept is simple enough to survive centuries (local voucher currencies have existed for over a century), but the specific implementation is tied to current-era infrastructure. [1][2]	2
RE-09	Is the system designed for a world where AI agents are primary economic actors?The system was designed for human participants in a physical community. The Euskopay app uses QR codes for human-initiated transactions. Membership requires identity verification. The Cyclos platform has API capabilities (as evidenced by GitHub repositories), which could theoretically support programmatic access, but the system was not designed for machine participants. KYC requirements for account opening would impede AI agents. [1][2]	2

Inclusivity

2.9

Code	Question	Score
IN-01	Can anyone in the world participate regardless of nationality, wealth, or status?Participation is primarily restricted to the Northern Basque Country region of France. Users must interact with local exchange offices or have a French bank account for digital transfers. However, the "Vacances en Eusko" program allows tourists to open temporary accounts with just an ID. Non-French residents in the region can participate. The geographic restriction is fundamental to the design. No minimum wealth or social status requirement. [1][2]	2
IN-02	What is the minimum cost to start using the project?Low cost to start. Individual membership fees range from 5-60 EUR per year (self-selected). Users exchange Euros for eusko at 1:1 with no markup on entry (the 5% fee applies only on reconversion to Euro). The Euskopay app is free. Transaction fees within the system are negligible. Businesses pay 7-20 EUR/month. Overall entry cost is low but not zero. [1][2]	4
IN-03	Does the project actively serve underbanked or financially excluded populations?The Eusko was designed to strengthen regional economics, promote Basque language, and support ecological practices -- not specifically to serve the underbanked. The Northern Basque Country is a relatively prosperous region of France. Physical notes can serve those without bank accounts. The tourist account system provides some flexibility. However, the system was not designed with financial exclusion as a primary concern. [1][2]	2
IN-04	Does the project distribute economic benefits — including seigniorage — broadly, or concentrate them among insiders?The benefit distribution model is notably egalitarian. The 3% Eusko donation program distributes funds to 62+ associations chosen by members themselves (79,000 eusko in 2025). Over 470,000 eusko have been distributed to 70+ associations since inception. The remaining 2% covers operational costs. There are no insider token allocations, no VC terms, and no extractive mechanisms. The association is nonprofit. Seigniorage from the reserve fund interest (if any) stays within the nonprofit structure. [1][2]	4
IN-05	Does the project treat all participants equally under the same rules?All individual participants operate under the same exchange rate and rules. Businesses have differentiated fees based on size (7-20 EUR/month) but this reflects operational tiers, not unequal monetary treatment. The 5% reconversion fee applies uniformly. The charter requirements (environmental + language challenges) apply equally to all businesses. There are no whale advantages or tiered access. However, the college governance system gives different stakeholder groups different representation. [1][2]	4
IN-06	Does the project require identity documentation or surveillance to participate?Identity documentation (ID copy) is required for account opening, including the tourist "Vacances en Eusko" account. Users under 18 need parental authorization plus ID. The digital system collects financial information and transaction data, though the app states "no data shared with third parties." Physical notes can be used more anonymously at exchange points, though registration is expected. The level of identity requirement is moderate -- government ID for digital accounts. [1][2]	2
IN-07	Does the project have mechanisms to prevent wealth concentration over time?Unlike the Chiemgauer, the Eusko does not have a demurrage mechanism. There are no active anti-concentration mechanisms such as progressive fees, UBI-like issuance, or wealth redistribution. The 3% donation program distributes benefits broadly but does not specifically prevent accumulation. The 5% reconversion fee discourages large-scale extraction but does not prevent hoarding. The system lacks structural anti-concentration design. [1][2]	2

Frequently Asked Questions

What is Eusko (Euskal Moneta) and what problem does it solve?

How is money created in Eusko (Euskal Moneta)?

Issuance is restricted to the Euskal Moneta association. Users cannot mint eusko; they must exchange Euros at authorized exchange offices (27 bureaux de change) or via bank transfer to their Eusko account. The issuing authority is a single nonprofit association with a defined governance structure.

How does Eusko (Euskal Moneta) maintain stable spending power?

The Eusko uses a fixed 1:1 Euro peg as its stability mechanism -- each eusko is backed by one Euro in a regulatory reserve fund. Stability is maintained through full reserve backing and the ability to redeem (at a 5% fee). The peg is passive (maintained by reserves), not algorithmic.

Is Eusko (Euskal Moneta) independent from fiat currencies?

The Eusko is hard-pegged 1:1 to the Euro. All prices are denominated in eusko at Euro parity. The unit of account is fully borrowed from the Euro -- 1 eusko = 1 EUR by definition.

Who controls Eusko (Euskal Moneta) and can it be shut down?

The French financial regulator (ACPR/Banque de France) could shut down the project by revoking its operating exemption. The Prefecture of Pyrenees-Atlantiques already challenged municipal use in 2018. Additionally, the banks holding the Euro reserve fund could withdraw cooperation.

How widely adopted is Eusko (Euskal Moneta) today?

Approximately 4,600 individual users and 1,400 professionals as of 2025, totaling approximately 6,000 participants. This places it in the 1K-10K range. It is the largest local currency network in Europe by these metrics.

Is Eusko (Euskal Moneta) still active and growing?

Fully active, growing, and operational as of 2025. The Euskopay app is maintained and updated, the website is current, exchange offices operate, and the network continues to expand. Transaction volume reached 6.8 million eusko in 2025, a new record.

What are the main risks or weaknesses of Eusko (Euskal Moneta)?

Weakest categories: Fiat Independence (1.3) and Sovereignty (1.7): These are not gaps but core design choices. The Eusko is a Euro wrapper by architecture -- 100% Euro-backed, hard-pegged 1:1, dependent on French banking and regulatory infrastructure. French authorities (ACPR, prefecture) have demonstrated their ability to challenge operations. These scores cannot improve without fundamental redesign.

What makes Eusko (Euskal Moneta) unique from an M69 perspective?

Strongest category: Traction (4.0): Eusko is the largest local complementary currency in Europe with 4,600 users, 1,400 professionals, 40+ municipalities, and 6.8 million eusko in annual transaction volume. Its 13-year track record of continuous growth, survival through COVID-19, and successful navigation of a legal challenge from the French prefecture demonstrate exceptional real-world traction that few alternative monetary projects achieve.

How is Eusko (Euskal Moneta)'s M69 Score calculated?

Eusko (Euskal Moneta) scores 2.6/5.0 overall. Pillar scores: Monetary Sovereignty 2.3, Civilizational Durability 2.5, Universal Adoption 3.6. Strongest: Traction (4.0). Weakest: Fiat Independence (1.3).