While a similar critique had led to Friedrich Hayek’s idea of the privatisation of money, supra-nationalisation was Mundell’s response.
Tommaso’s great insight was that this second avenue would make it possible to improve the Treaty of Rome and to move beyond  1  See “Moneta, Commercio, Istituzioni: Esperienza e Prospettive della Costruzione Europea” – Lectio Doctoralis di Tommaso Padoa-Schioppa per il conferimento della Laurea Honoris Causa in Economia Internazionale del Commercio e dei Mercati Valutari (Trieste, 19 November 1999).