His recommendation neglected the public good aspect of money, which derives from its function as a unit of account. Money with a stable purchasing power serves agents, who do not even use it as a medium of exchange or a store of value, as the universally acceptable unit of account.
It could be argued that, with Monetary Union in Europe, two things have happened which play a role in the current discussion. First, the geographical reach of the new unit of account, the euro, has been extended dramatically, relative to that of its forerunner currencies (or forerunner units of account).