I don’t see any chance that we will move back to a system where money will only be issued by commercial entities and regulated by competition between these entities. Our economies are so complex that you need trust in the currency to be anchored in the rule of law. A social convention isn’t enough. It’s too fragile.
That doesn’t mean everything needs to be public. To echo Ludwig Erhard, you need as much commercial money as possible to reap the benefits of innovation and competition, and you need as much public money as needed to anchor the trust in the currency. 4/4  BIS central bankers' speeches