The discussion about the European Monetary Union has taken place within far too narrow confines. Europe's citizens indeed do not only have the choice between a national and a European state currency. Fundamentally, every community faces the choice of whether it wants a state currency or a market currency at all. This is the central message of Murray Newton Rothbard's book, which is being published for the first time in German by the Liberal Academy Berlin in collaboration with Resch Verlag. What Rothbard says about the role of the state in the monetary system is convincing and sobering. Anyone who has read The Case Against the Fed will no longer think about money in such a state-oriented way as before. For Rothbard, the core question regarding money is not whether state monetary policy should better stabilize the price level or the money supply.