This is just common or garden
This is just common or garden currency crankism, as even Positive Money would recognise. Article 123 of the Lisbon Treaty is the favorite bugbear of French currency cranks after one of them, Etienne Chouard, made a big issue of it in the referendum in France on the Treaty in 2005 where he played a prominent part in the Non campaign.The Article merely confirms the long established practice where governments borrow (to finance their spending over and above what they raise through taxation) via central banks selling bonds to commercial banks and other financial institutions (which of course is not "money creation" as it assumes that the money to buy the bonds already exists) .What it bans is central banks simply creating money and giving it to the government to spend, even if this takes the form of the central bank lending the government the money. But this hasn't happened in developed capitalist countries for ages and is only practised these days in countries like Zimbabwe and certain South American banana republics (and even oil ones like Venezuela). The currency cranks want this to be practised here too. It's not just them of course but all leftwing reformists. They ought to be careful about what they wish for.