He claimed that, if only government obstacles could be removed, a free competitive market for privately issued currencies would provide the optimal quantity (and a wide variety) of monetary products, all of a superior quality with respect to what a public central bank could offer.
9  Under certain conditions, this may also include legal intervention by the government in the form of declaring a currency legal tender; see Moutot (2011), “Systemic risk and financial development in a monetary model”, ECB Working Paper, No. 1352.