Ok, so you are basically a 100% reserve bank of whatever currencies you decide to hold. But the question now is: whats the point? Why would I want to use your currency instead of euros if I know they are the "same? And what do you get of all this and how do I know you will stay honest?
Well, he is using an actual commodity, so no central bank control. Also, you can trade them electronically.
Since bitcoins seem to be increasing in value, there seems little point in not just using them.
What it could be good for is to give a stable reference for bitcoins' actual value. For example, you could hold bitcoins but agree to pay in beertokens. This would eliminate the need to do the deflation calculation in your head.