Monetary sovereignty

Monetary sovereignty is the power of the state to exercise exclusive legal control over its currency, broadly defined, by exercise of the following powers:

  • Legal tender – the exclusive authority to designate the legal tender forms of payment.
  • Issuance and retirement – the exclusive authority to control the issuance and retirement of the legal tender.[1]
Main article: History of money

Incidence of monetary sovereignty

Currently, nations such as the USA and Japan, which have autonomous central banks are said to exercise a high degree of monetary sovereignty. On the other hand, the European Union nations within the Eurozone, have ceded much of their monetary sovereignty to the European Central Bank.[2]

gollark: Time is an illusion. Gravity is desire. What will be was. The frog cannot be obtained.
gollark: Just kind of cut the eggs a bit to the left.
gollark: Well, I want an open slot, so actually I took up 5. So 40%?
gollark: Done. I want 50% of the eggs anyone gains from this.
gollark: Wait, by the same principle, can I not speed it up by vacuuming up 6 eggs?

References
  1. "The Legal Aspect of Money" by F.A. Mann, 5th edition, Oxford, 1992, pp. 460-78
  2. Cohen, Benjamin J. (2000). The Geography of Money. Cornell University Press. pp. 47ff. ISBN 978-0801485138.
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