Money in the modern world

THE Bank of England (BoE) has recently published two articles in its quarterly bulletin on “Money in the Modern World” and “How Money is Created” (

The first should be compulsory reading in schools because it is simple and clear explanation of what money is all about. The second is a more technical explanation of how money is created – surprise, surprise – the central bank is not fully responsible! The textbooks tell us that money should have three key attributes – a store of value, unit of account and medium of exchange.

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