As far as the growth theory is concerned, the supply and demand for money have been largely ignored until recently, yet all but the very simplest short-run income and price level determination models have a money market included in them.
Monetisation will bring this sector in contact with the financial institutions such as commercial and cooperative banks and insurance companies. This raises the demand for money to finance the increased transactions brought about by the expanded level of economic activity. Business in modern times is based on credit to a large extent.
However, the currency of the European Union lost its credibility because of Eurozone crisis, and the restoration magic that worked in the US economy has not taken place in the Eurozone till now.
According to Prof. In other words, it provides no measure of value.
The United States has not undergone any major political crisis. Banks create credit not out of thin air but with the help of money.