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The article seeks to demonstrate how the high quality of currency and the monetary stability that depends on it are indispensable factors for the real economy to achieve conditions of potential maximum well-being. Jordan begins by analysing the consequences of the quality and stability of the currency on the economy with a rigid or flexible exchange system and proposes the introduction, on the one hand, of a competitive monetary system at international level and, on the other, of a new gold currency in the United States The article analyses the historical and intellectual reasons for the birth and diffusion of national central banks in the postwar years, stressing how both the Keynesian and the monetarist theories prescribed an active role for the monetary policies of central banks. In the final part of the article, the author questions this active interpretation of the role of central banks, pointing out how the old paradigm expressed by the Phillips curve was contradicted by the conditions of inflation and unemployment in the United States in the Nineties. He argues, finally, that the sole current goal of the monetary policies of central banks must be to maintain a high quality stable currency.