So, the key takeaway is that sovereign currency #issuers have a special ability to create #money and use it to manage the economy, while currency #users have to work within the limits of the money they can obtain.

This #difference is crucial when we think about how #governments should handle their #finances compared to #households or #businesses. #MMT

Sovereign currency #issuers are like the game masters who can create points whenever they want. They don't need to #earn points by playing because they can just #generate them.

The distinction between #sovereign #currency issuers and currency #users is fundamental to understanding the #policy space available to different economic actors.

Sovereign currency #issuers have a unique capacity to manage their economies without the #solvency constraints faced by currency users, which has profound implications for #fiscal and #monetary #policy.

#ESMA made recommendations to #issuers and #auditors to improve financial and non-financial reports, by assessing how issuers comply w/ #IFRS and non-financial reporting obligations and adhere to our recommendations.

CC: @IFRSFoundation | @AccountancyEU

2021 activity report 👇

🐦🔗: https://nitter.eu/ESMAComms/status/1532633213847363584