If a bubble exists, a somewhat tighter policy along the build-up phase - so the argument goes - may help to avoid that even larger imbalances may develop down the road. However, a bold opposite view has also found some supporters among economists.
In the field of money, history bears testament to two basic truths. The first is that, because money is a public good, money and state sovereignty are inexorably linked. So the notion of stateless money is an aberration with no solid foundation in human experience.