The large quantity of money (95%) isn't brought into life via printing through the central bank though, but through money created in the books of private banks only. Whenever a bank gives out a loan (expecting you to pay interests and hopefully never pay back), that bank can write in its books/database that it permits the transaction from an account (ex nihilo - it shall be - fiat). When the state prints money or lends money it creates money from nothing again, true, but it can actually help the export sector that the exchange rate doesn't go through the roof. Switzerland for instance, could have a way stronger currency, but we choose not to. With the money created out of thin air we pay ongoing interest payments or the base retirement funds. Because the world isn't one big happy federation with a money transfer in place, that helps rural areas to have a decent infrastructure, even though they don't generate as much money as the big cities, because of that, there will always be those differences and unadressed it will tear a construct apart financially, like it does within the EU. But for a country, having the possibility to level out the differences via Exchangerate influencing (via printing as you say or more often via lending money to banks and thus creating money from nothing) — that can actually help stabilize the financial system and the export economy, though it hurts the consumer, because he could have had even cheaper imports, but that would destroy the producing sector at home. So unless you have found a solution, that adresses different economical power - the fiat system is crucial.