MARKETS, STATES AND SOCIETIES IN THE GOVERNANCE OF MONEY.

Current monetary transformation processes-such as the creation of the euro, dollarization and electronic money-force us to reflect more fundamentally on the nature of monetary governance. This paper argues that the key to a more comprehensive understanding of money is to move the analysis beyond an exclusively economic perspective. While markets are an important factor in the governance of money, it is essential to give equal weight to non-economic aspects in analyzing the underlying dynamics of change in monetary governance. The paper argues that successful governance of money is the result of the interaction of three spheres of human life: the social, the political and the economic realm. These three spheres converge in shaping the most crucial foundation of money, namely trust. [ABSTRACT FROM AUTHOR]