A well-functioning monetary system is essential for a well-functioning economy and thereby, for the common good. The state is the agency responsible for the public interest. The responsibility for and control over the monetary system and money creation should therefore be placed with the state and not with private, profit-oriented enterprises. The logical alternative to money creation by private banks, therefore, is money creation by the state. In such a system it’s not only coins and paper money that are created by the state but also the non-cash money now created by private banks. Meaning electronic money is then created by the same agency now responsible for coins and paper money.