This has stimulated a debate as to whether it would not be better for such currency board countries to go beyond the currency board arrangement and opt for full “dollarisation”, and allow the domestic currency to be replaced entirely by the “dollar” for all transactions. Hayek espoused the denationalisation of currencies.
He recommended that this be achieved through a comprehensive privatisation of the supply of money. It is notable that, of the two routes to denationalisation of currencies that have been taken so far, neither follows the route recommended by Hayek.