Third, public regulation has to be designed in such a way that any market failure resulting from unfettered private issuance is not simply replaced by government failure: this essentially requires that the right to issue currency be placed outside the remit of fiscal authorities and instead be entrusted to an independent public agency, such as a central bank.
This central bank’s task should then find a technology that forces money to be maintained in a certain proportion to real income and to the real value of transactions and that ensures its general acceptability.