In 1360, the French bishop and philosopher Nicolas Oresme was among the first to successfully argue that money did not belong to the state, but to "the community and [to] each of its members". One can only give credit to the architects of the Maastricht Treaty. They recognised the need for the functions of money to be provided at EU level.
On the other side, as I have already noted, the achievement of price stability must not and will not be jeopardized. We at the Federal Reserve will closely monitor developments in prices and wages, as well as conditions in the labor market and the broader economy, for any sign of incipient inflation.