Two Concepts Of Money And The Future Of Europe

There has been a continuing debate between those who argue that the use of currency was based essentially on the power of the issuing authority - i.e. that currency becomes money primarily because the coins are struck with the insignia of majesty, and not so much because they happen to be made of gold, silver and copper, - and those who argue that the value of currency depends primarily, or solely, on the intrinsic value of the backing of that currency.