EURO, DOLLARIZATION AND BITCOIN: NO PLACE FOR MONETARY SOVEREIGNTY?

The paper departs from the conception of “sovereignty monetary” since a teleological approach, which implies to conceive this supreme power in base on its objectives. The core of this research is to compare the three case studies (euro, dollarization and bitcoins) answering three questions: 1. Who has the sovereign power to regulate the currency? 2. How is the decision-making process? and 3. Which are the main social implications of that kind of currency regulation? Through the answers of the these questions, we will realize how the “monetary sovereignty” has mutated into a “currency sovereignty”, which means a change in the “telos” of the power: the currency, essentially a mean of the society to simplify the trade exchanges, turns into an end by itself. Therefore, we might conclude that the jeopardize of the sovereignty is not regarding who is exerting it but why it is exerted for.