The Chiemgauer is one of 16 regional currencies that have sprung into existence across Germany and Austria since the launch of the euro five years ago.



Another 49 regios are in the pipeline. They are outside the control of the political authorities, mostly run by activists, farmers, eco-enthusiasts, anti-globalists, and citizen committees.



Some are rural, others circulate like underground money in Berlin and Bremen. Hamburg has two: the Alto and the Hansemark. Italy has its version in the Valchius Valley, in the Alps.



The phenomenon, not seen since the Great Depression, has left experts scratching heads at the Bundesbank. The mighty reserve bank, which issues euro notes and coins worth €146bn for a third of the eurozone economy, is relaxed about the risk of monetary anarchy. But it is sufficiently puzzled to publish a 63-page report probing the eruption of this movement.