This paper presents a reflection on monetary federalism based on the history of Argentinian complementary currencies (trueque). The first national trueque system (RGT, 1995–2000) is analyzed as a form of monetary federalism. It is characterized by the decentralization of the issuance of money and the uniqueness of the unit of account. This model has been challenged by two systems based on the centralization of money issuance (RGT, 2001–2002 and RTZO, 2000–2002). The crisis that threatened the trueque in 2002 reveals ethical and political implications of the question of money issuance.
- <span style='font-style: italic;'>trueque</span>