In search of a "reasonable" money supply process
Economic agents want to hold a currency for which the supply process is "reasonable", which is difficult nowadays: The money supply of the "official" currencies (dollar, euro, yen, etc.) has abnormally and dangerously increased due to the highly expansionary monetary policies, which is undermining confidence in these currencies; The money supply of gold and cryptocurrencies is exogenous, which is not managed; this leads to excessive variability in the prices of these currencies that discourages savers from holding them ; So there is a need to create a currency for which the supply is managed "intelligently": no excessive growth, a quantity supplied that partially offsets the changes in demand for this currency in order to limit the variability of its price (exchange rate). This obviously means that there will be a need for discretionary interventions in the money supply in order to stabilise the currency’s price (exchange rate) , which may be a concern . The libra will perhaps have these efficient characteristics.