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Abstract disponibile solo in lingua inglese
The customary approach to monetary integration consists in transferring national monetary organisation onto a European scale. "A super nation, a super state, a single currency, a single central bank" – this is the classical European slogan. This paper takes the opposite approach, defending the following propositions: (i) a single market in Europe does not imply a single currency; (ii) a single currency does not imply a single central bank; (iii) if, despite everything, a European central bank is to be set up, the ways of doing this may be many and various.