The financial turmoil of the last decade has questioned the popular slogan “One country, one currency”. With increasing international movements of capital and free trade, a strong currency can be more valuable than a sovereign currency. When monetary union is not a politically feasible option, the case for dollarization can be very strong, especially for those emerging markets with a long history of economic mismanagement. Even for a medium-sized country like Argentina, which forms no optimal currency area with the United States, dollarization is desirable, providing lower inflation and interest rates, a higher financial integration with the United States and thus a way out of the vicious circle from recession, a lack of credibility, a weak currency and financial problems.