I would like to explore how much of a consensus there is regarding the term "monetary sovereignty" and how precise we can articulate it. The broad concept being:
The power of the state to exercise exclusive legal control over its currency.
I'm aware of the following tools the state can bring to bear:
- legal tender status: i.e. USD = ok, bitcoin = not ok.
- issuance and retirement of legal tender
Is there an existing ordinal scale to measure how much monetary sovereignty a state has? If not, would it be heretical to devise one of my own? I begin to wonder if a state can do those two things above, maybe that would be a strong case for said state to be at the top of such an ordinal scale, but do advise if there are other litmus tests that would be relevant.