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Monetary Sovereignty
Monetary sovereignty is the power of the state to exercise exclusive legal control over its currency, broadly defined, by exercise of the following powers: * Legal tender – the exclusive authority to designate the legal tender forms of payment. * Issuance and retirement – the exclusive authority to control the issuance and retirement of the legal tender."The Legal Aspect of Money" by F.A. Mann, 5th edition, Oxford, 1992, pp. 460-78 Incidence of monetary sovereignty Currently, nations such as the USA and Japan, which have autonomous central banks exercise monetary sovereignty. On the other hand, the European Union nations within the Eurozone, have ceded much of their monetary sovereignty to the European Central Bank The European Central Bank (ECB) is the prime component of the monetary Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's Big Four (banking)#Intern .... Referen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
State (polity)
A state is a centralized political organization that imposes and enforces rules over a population within a territory. There is no undisputed definition of a state. One widely used definition comes from the German sociologist Max Weber: a "state" is a polity that maintains a monopoly on the legitimate use of violence, although other definitions are not uncommon.Cudworth et al., 2007: p. 95Salmon, 2008p. 54 Absence of a state does not preclude the existence of a society, such as stateless societies like the Haudenosaunee Confederacy that "do not have either purely or even primarily political institutions or roles". The level of governance of a state, government being considered to form the fundamental apparatus of contemporary states, is used to determine whether it has failed. In a federal union, the term "state" is sometimes used to refer to the federated polities that make up the federation. (Other terms that are used in such federal systems may include “province”, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Currency
A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general definition is that a currency is a ''system of money'' in common use within a specific environment over time, especially for people in a nation state. Under this definition, the British Pound Sterling (£), euros (€), Japanese yen (¥), and U.S. dollars (US$)) are examples of (government-issued) fiat currencies. Currencies may act as stores of value and be traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are either chosen by users or decreed by governments, and each type has limited boundaries of acceptance - i.e. legal tender laws may require a particular unit of account for payments to government agencies. Other definitions of the term "curren ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legal Tender
Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in payment of a debt extinguishes the debt. There is no obligation on the creditor to accept the tendered payment, but the act of tendering the payment in legal tender discharges the debt. Some jurisdictions allow contract law to overrule the status of legal tender, allowing (for example) merchants to specify that they will not accept cash payments. Coins and banknotes are usually defined as legal tender in many countries, but personal cheques, credit cards, and similar non-cash methods of payment are usually not. Some jurisdictions may include a specific foreign currency as legal tender, at times as its exclusive legal tender or concurrently with its domestic currency. Some jurisdictions may forbid or restrict payment made by other than legal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Union
The European Union (EU) is a supranational political and economic union of member states that are located primarily in Europe. The union has a total area of and an estimated total population of about 447million. The EU has often been described as a '' sui generis'' political entity (without precedent or comparison) combining the characteristics of both a federation and a confederation. Containing 5.8per cent of the world population in 2020, the EU generated a nominal gross domestic product (GDP) of around trillion in 2021, constituting approximately 18per cent of global nominal GDP. Additionally, all EU states but Bulgaria have a very high Human Development Index according to the United Nations Development Programme. Its cornerstone, the Customs Union, paved the way to establishing an internal single market based on standardised legal framework and legislation that applies in all member states in those matters, and only those matters, where the states have agreed to act ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eurozone
The euro area, commonly called eurozone (EZ), is a currency union of 19 member states of the European Union (EU) that have adopted the euro (€) as their primary currency and sole legal tender, and have thus fully implemented EMU policies. The 19 eurozone members are Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. The eight non-eurozone members of the EU are Bulgaria, Czech Republic, Croatia, Denmark, Hungary, Poland, Romania, and Sweden. They continue to use their own national currencies, albeit all but Denmark are obliged to join once they meet the euro convergence criteria. Croatia will become the 20th member on 1 January 2023. Among non-EU member states, Andorra, Monaco, San Marino, and Vatican City have formal agreements with the EU to use the euro as their official currency and issue their own coins. In addition, Kosovo and Montenegro h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Central Bank
The European Central Bank (ECB) is the prime component of the monetary Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's Big Four (banking)#International use, most important central banks. The Governing Council of the European Central Bank, ECB Governing Council makes the projects for the monetary policy for the European Union with suggestions and recommendations and to the Eurozone with more direct applications of such policies, it also administers the foreign exchange reserves of EU member states in the Eurozone, engages in foreign exchange operations, and defines the intermediate monetary aims and objectives, and also the common interest rates for the EU. The Executive Board of the European Central Bank, ECB Executive Board makes policies and decisions of the Governing Council, and may give direction to the national central banks, especially when doing so for the Eurozone central ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Currency
A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general definition is that a currency is a ''system of money'' in common use within a specific environment over time, especially for people in a nation state. Under this definition, the British Pound Sterling (£), euros (€), Japanese yen (¥), and U.S. dollars (US$)) are examples of (government-issued) fiat currencies. Currencies may act as stores of value and be traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are either chosen by users or decreed by governments, and each type has limited boundaries of acceptance - i.e. legal tender laws may require a particular unit of account for payments to government agencies. Other definitions of the term "curren ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetary Reform
Monetary reform is any movement or theory that proposes a system of supplying money and financing the economy that is different from the current system. Monetary reformers may advocate any of the following, among other proposals: * A return to the gold standard (or silver standard or bimetallism). * Abolition of central bank support of the banking system during periods of crisis and/or the enforcement of full reserve banking for the privately owned banking system to remove the possibility of bank runs, possibly combined with sovereign money issued and controlled by the government or a central bank under the direction of the government. There is an associated debate within Austrian School whether free banking or full reserve banking should be advocated but regardless Austrian School economists such as Murray Rothbard support ending central bank bail outs (" ending the Fed"). * The issuance of interest-free credit by a government-controlled and fully owned central bank. Such i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sovereignty
Sovereignty is the defining authority within individual consciousness, social construct, or territory. Sovereignty entails hierarchy within the state, as well as external autonomy for states. In any state, sovereignty is assigned to the person, body, or institution that has the ultimate authority over other people in order to establish a law or change an existing law. In political theory, sovereignty is a substantive term designating supreme legitimate authority over some polity. In international law, sovereignty is the exercise of power by a state. ''De jure'' sovereignty refers to the legal right to do so; ''de facto'' sovereignty refers to the factual ability to do so. This can become an issue of special concern upon the failure of the usual expectation that ''de jure'' and ''de facto'' sovereignty exist at the place and time of concern, and reside within the same organization. Etymology The term arises from the unattested Vulgar Latin's ''*superanus'', (itself derived ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
