- 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.
Powers and evidence of monetary sovereignty
Issuance and retirement
The state alone is empowered to control, either directly or through institutional and regulatory mechanisms, the issuance and retirement of the legal tender.
Incidence of monetary sovereignty
Currently, nations such as the USA and Japan, which have autonomous central banks and borrow in their own currencies 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.