The most important ingredient behind any monetary standard is the authority that stands behind it and enforces it's use as money and that is because the #1 property of 'money', is that people have confidence in it
What ivory tower nonsense.
Markets can crash a currency in a day's sentiment change regardless of what "authority stands behind it". What about interest rate wars ? What about overlevered sovereigns ? What about toxic derivative mountains ? A single trader & his army managed to dump one of the world's oldest and most stable currencies - Sterling - to such an extent it had to exit the Eurozone.
To a forex market, a currency is just another tradeable commodity. They're not sitting there thinking "hey - this is guvpaper, I'm not dumpin this for anythin".