21.01 As was emphasized by Dr Mann on a number of occasions, this is a book about money.1 It may, of course, be debated whether a chapter on monetary institutions is therefore appropriate in the present context. But it has been shown that the existence of a monetary system relies upon the State, which must authorize its issue and define its unit of account and other characteristics. It therefore seemed that the institutions responsible for the issue of physical money and the conduct of monetary policy on behalf of the State were worthy of at least some examination...
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