In this way, modern high culture has robbed us of any lofty spiritual goals behind our endeavours to build a unified Europe. It remains a fact that a truly united Europe can still be the mobilizing utopia of our times, but for most people committed to the idea we are talking now of a more prosaic utilitarian project.
At the heart of the complementarity between price and financial stability is the shared responsibility of central banks and commercial banks for money creation.10 Central banks have the monopoly for creating outside (high-powered) money, whereas commercial banks provide inside money to facilitate transactions and to finance the broader economy.