A Revision of the Concept of Monetary Sovereignty 1
A Revision of the Concept of Monetary Sovereignty 1
Large parts of the literature analyse monetary sovereignty as a static catalogue of state competences in monetary and financial matters. Approaching the concept of monetary sovereignty that way invites the undertaking of judgments over the degree to which a given state has preserved or lost its monetary sovereignty. The approach adopted in this chapter is different as it examines whether the concept of monetary sovereignty itself, as a dual concept that possesses not only positive but also increasingly important normative components, is subject to evolution. After a review of the conceptual foundations and underlying legal theories of money and monetary sovereignty, this opening chapter assesses the conceptual evolution of monetary sovereignty under the impact of contemporary constraints on its exercise. Finally, the chapter looks into the conceptual implications of the proposed new understanding of monetary sovereignty for the evaluation of the exercise of sovereign powers in the realm of money.
Keywords: Monetary sovereignty, conceptual evolution, sovereign powers, state competences, legal theories of money, positive and normative
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