« Argentina o dolarización », ou quand la monnaie revient à la souveraineté

The concept of monetary sovereignty is absent from the writings which supported the projects of currency boards or complete dollarisation and are focused only on the technical sides. The case of Argentina in the years 1999-2002 is emblematic in this respect and it is the topic of this paper. There exists a political aporia as well of the currency board as of the complete dollarisation : both are intolerable since it is admitted that they are powerless to make currency an object independent of the policy. They are powerless because the currency is essentially political.