Galléco
The Galléco is a local currency for the Ille-et-Vilaine department in Brittany, France. It launched in September 2013 as the first French local currency organised at department scale. One galléco equals one euro, and the euros paid in sit in a guarantee fund at Crédit Coopératif. The Galléco association runs the network around Rennes, Redon and Fougères.
France's first department-scale local currency, running since 2013 in Ille-et-Vilaine at euro parity with a bank-held guarantee fund. Long-lived and institutionally rooted, but small: usage shrank to a few hundred active users after subsidy cuts, with fresh activity visible through 2026.
M69 Score
Scored against the Money2069 Manifesto — see methodology. Higher = more aligned.
Detailed Rating Breakdown
Issuance Model3x4.0
Debt-free issuance by euro conversion, paper vouchers backed 1:1 by a guarantee fund at Crédit Coopératif. Territorial euro-parity class shape.
Spending Power Stability2x3.0
Hard 1:1 euro peg with full backing; stable against the euro, inherits euro inflation.
Fiat Independence & Interoperability2x1.0
Fully euro-anchored with bank-held reserves; class FI 1.
Traction2x2.0
12+ years of operation but modest scale: about 500 active users in 2022, 250 businesses at the 2016 peak, activity described as anecdotal in Rennes with the base in Redon. Below the 50-90 merchant band the class scores TR 3 on.
Sovereignty2.0
Custodial paper system dependent on the association and partner bank; class SO 2.
Governance3.0
Independent association since 2013 with the department council as an ordinary member; standard association governance.
Resilience2.0
Departmental funding was halved and usage shrank sharply from peak, but the association kept publishing and relaunched with new momentum in December 2025. Subsidy-dependent.
Inclusivity3.0
Open membership across the department, paper vouchers need no bank account or phone; class IN 3.