For the market to be truly free, there needs to exist a judiciary power that can enforce the Rule of Law on all, everywhere. It has to have jurisdiction across the entire market. A judiciary power implements the law, so there must then also exist a legislative power that writes the laws that govern the market in the first place.
Estrella, A, and F Mishkin: “Rethinking the Role of NAIRU in Monetary Policy: Implications of Model Formulation and Uncertainty”, in J B Taylor, ed., Monetary Policy Rules. Chicago: NBER and University of Chicago Press, 1999. Orphanides, A: Monetary Policy Evaluation with Noisy Information, Finance and Economics Discussion Series No. 1998:50. Washington, D.C.: Board of Governors of the Federal Reserve System, November 1998.