Monetary sovereignty
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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]
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]
References
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