Abstract

The euro was invented by neither the liberals nor the Keynesians. Von Hayek disapproved of central banks, the only ones authorized to mint currencies. He believed in the monetary polytheism of every single State. As for Keynes, his argument against fixed exchange rates should be an effective antidote for the single currency dictatorship. The euro was established to foster enduring European peace, but it has now become the trigger of worldwide instability.