The Auro is an intentionally synthetic base currency for Aurora. The Conference of International Economic Leaders justifies their existence by meeting monthly to agree on an average value among Aurora's various currencies. Critics complain that's like checking the time by the courthouse clock, then going to work at the radio station and announcing the time.... which the courthouse janitor uses to set his clock. Even if true, that doesn't invalidate its use—it is dissociated from reliance on any one national economy. For example, Antara may be a heavy hitter, but there are reasons why some aspects of their national aggregate economy aren't stable with respect to the world. Plenty of other nations have significant impact on the global economy, without the Auro seeming tied to their currencies.
Setting the Auro's Value
The system for determining the Auro's value is a consumer price index type arrangement. Three dozen items are tracked, the economists apply a grand formula, then results are weighted. The weighting factor can include population, economic health, trade imbalances, war participation, degree of international involvement, and a number of other inputs. Whatever Odessa does may form three percent of the total, while Raipea contributes a twentieth of a percent. If Odessa has a bad year, their 'contribution' toward the average Auro value goes down a little. If every nation has a bad year, the overall Auro value goes down, which is the world experiencing a recession or depression. The items vary enough that one nation's national strengths get counted, but not outweighed by the weaknesses. A hypothetical Nihilistic Sociopathic Peoples' Republic of Nowhere winds up with just about zero input, since their economy is closed and their currency based on a vault filled with coconuts. Meanwhile the equally hypothetical Industrious Technocracy of Prosperity's Gold Techno winds up forming ten percent of the world's Auro value, because they export prolifically, have a rock-solid gold-backed standard, and they have a monopoly on some important necessity.
The items forming the index might include the cost of labor, wholesale price of a liter of 100-octane gasoline, the number of grams of gold and silver on deposit, the level of unemployment, and the price of the most commonly used size of railway rail.Yerba Cola. The Auro Announcement is made on the sixth of each month, or on the Monday following, if the sixth is on a weekend.
Using the Auro
No bank has to trade Odessan Pounds for Sam'thuman Tonkata at the CIEL rate, it's just a benchmark. Indeed, the riskier the deal, the worse the rate, just like we expect with a local bank. No international business has to buy and sell in Auros, but many do. The usual arrangement is for negotiations to be conducted in terms of Auros, and payment made in whatever national currency is convenient, at the time of payment. Great efforts are expended to exact payment from a customer before the sixth of the month.
No tangible currency exists for the Auro, other than the souvenir coins and banknotes issued by CIEL.
The symbol ∂ is typically used for the Auro. No standard divisions are used - parts are just "a tenth of an Auro", or "32 hundredths of an Auro". People in nations with non-decimal currency are free to refer to "a twelfth of an Auro" or whatever suits them. In standard usage, the word "Auro" is capitalized, though when transliterated or translated into some languages it loses that distinction. Most people say "Auro" even if their language has no similar words.