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:

The state alone is empowered to specify the media, called legal tender, which may be offered and must be accepted for the discharge of any debt.

The state alone is empowered to control, either directly or through institutional and regulatory mechanisms, the issuance and retirement of the legal tender.

Currently, nations such as the USA and Japan, which have autonomous central banks are said to exercise a high degree of monetary sovereignty. On the other hand, the European Union nations, have ceded much of their monetary sovereignty to the European Central Bank.

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