As stock markets plunge, nations slide headlong into recession and currencies swing wildly, a Bavarian community has come up with a novel way to fight the economic crisis: print your own money.

In the region of Chiemgau, near the southern German city of Munich, the local currency -- the Chiemgauer -- has been a roaring success since its introduction in 2006 and shows no sign of losing ground to the economic crisis.

"On the contrary, enthusiasm for the project is growing," Christian Gelleri, the project's founder, told AFP. "I think people in the region on the whole are more positive than people in the rest of the country."

The brightly-coloured notes, in denominations of one, two, five, 10, 20 and 50 Chiemgauer, can be obtained at 42 exchange zones around the region and used in 600 local businesses.

The exchange rate with the euro is currently one-to-one, but "the possibility exists to alter the exchange rate if the euro runs into difficulty," Gelleri said.

Each time a consumer exchanges money, three percent of the amount exchanged goes to support a local project of the consumer's choice.

A wide variety of projects and non-profit organisations have benefited locally, including nature protection agencies, music schools, rowing clubs, charities and churches.

 A man hold euro notes and "Chiemgauer" the local currency of the region in the southern German city of Raubling on 3 March 2009.

Gelleri said a local sports club was built partially with proceeds from the Chiemgauer exchanges.

Businesses like the scheme as well, as it ensures customer loyalty and encourages use of local produce. "Food shops prefer apples from the region because they can spend their Chiemgauer with local farmers," Gelleri said.

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