Credit institutions would be faced with an unlevel playing field, since they would conduct business on the same local markets but be subject to different supervisory regimes. Moreover, the lead supervisor approach would not take into account the interests of local supervisors and governments.
In his monograph he wrote: “The past instability of the market economy is the consequence of the exclusion of the most important regulator of the market mechanism, money, from itself being regulated by the market process” (Denationalisation of Money – the Argument Refined, p. 192; Hobart Paper Special No. 70, 2nd (Extended) Edition, IEA (1978); italics in the original).