Rothbard warned that coordination with the Federal Reserve and other central banks would follow. This would further remove the checks and balances that the market instills on money even through floating exchange rates. He recognized that money was not inherently stable, that it was subject to man's valuations just as any other economic good. There is no fixed value or fixed relationship of money to other goods. And yet, despite this inherent instability, Sennholz noted how well the precious metals had served mankind through the ages as a relatively stable medium of exchange.
Real stability comes with the removal of government control over money.
The many reasons advanced for a single monetary unit for Europe can be brushed aside with this one charge. Implementing one fiat currency managed by one government institution does not solve the problems of multiple government-managed fiat currencies. It does not solve the problems inherent in money controlled by government. In fact, the potential for concerted monetary expansion is very real. Even leftist Keynesian economist Paul Krugman recognized the dangers.