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The author agrees with Savona about the need, which he regards as urgent, to develop knowledge of derivative markets and their impact on the transmission mechanism of monetary policy. He is more cautious when it comes to accepting Savona’s thesis that, thanks to the development of derivatives, the substitutability of monetary and other activities has reached such a level that, for control purposes, derivatives themselves have to be included among monetary aggregates. He thus also disagrees with the thesis, the corollary of the first, that the financial instability of recent years is due to the lack of monetary control in the advanced countries. He believes instead that currency has maintained its specificness and that the ongoing effectiveness of monetary control through interest rates and the success achieved in recent years in the fight against inflation testify to the fact.